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Renowned market analyst and key opinion influencer (KOL), Ted Pillows, provides insights into the Solana (SOL) market, asserting that the altcoin is poised for additional price corrections in the near term. This price prediction emerges amidst a broader crypto downturn during which Solana values have plummeted by more than 15% over the week.
SOL Charts Indicate Retracement To $140 As Bullish Pattern Emerges
In an X post dated August 1, Pillows discusses a Solana price forecast predicated on an evolving cup-and-handle formation in the monthly chart. Typically in trading, the cup-and-handle denotes a traditional bullish continuation pattern. As illustrated in the accompanying chart, it starts with a tea cup shape where the price first declines and then progressively recovers, crafting a “U” or bowl-like curve.
Following the cup, the price pulls back marginally, forming the “handle.” Pillows’ evaluation suggests that Solana is currently in this phase of the bullish pattern after a preceding price surge to $235 in January 2025. Solana is presently experiencing a prolonged descending consolidation phase, which Pillows forecasts will lead the altcoin to trade as low as $140-$150.
Currently, SOL trades around $159, indicating the altcoin may still endure an approximate 11% price decrease despite the significant corrections observed in the preceding week. However, as a bullish continuation pattern, Solana’s successful return to the $140-150 price bracket would also signify a potential price uptick.
Nonetheless, Pillows’ evaluation also indicates that the altcoin must first surpass the neckline level at $235 to validate such bullish sentiment. If this scenario unfolds positively, the leading market analyst anticipates Solana could trade as high as $1,000, implying a prospective 532.91% increase from current spot prices.
Despite recent price adjustments, Ted Pillows remains a staunch supporter of Solana’s bullish outlook, highlighting that the altcoin continues to showcase elevated levels of network activity, indicating significant market interest.
Solana Market Summary
At the time of writing, Solana trades at $159.34 after a 3.84% drop in the last day. Meanwhile, the asset’s daily trading volume has also decreased by 37.85%, amounting to $4.98 billion. However, in line with Pillows’ projection, Solana possesses tremendous potential for future price growth, particularly as a possible altseason approaches.
The optimistic sentiment among SOL investors is further fueled by significant institutional interest in the altcoin among others. NewsBTC previously reported that several asset management firms, including Grayscale, VanEck, and Fidelity, have also updated their Solana Spot ETF applications with the SEC, signifying ongoing discussions between both entities concerning potential approval.
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