Crypto exchange Kraken is looking at Ethereum competitor and smart contract platform Solana (SOL) engaging in a massive rally in 2022.
Furthermore, According to recent report, Kraken notes that Solana his holding a massive bullish pattern since from 2020.
SO, Kraken explains.
“The fourth-ranked crypto asset appears to be in the early innings of its fourth wave of ‘price discovery.’…”
“Accordingly, it appears in the early innings of a fourth wave of price discovery,…”
“potentially continuing the trend along the wedge pattern.”
More so, Kraken goes on to note that Solana’s recent decline is a bullish signal. Of course, this is due to backtesting of the diagonal support can mean that SOL is ready for the rally.
“The bounce could be interpreted by many as not only just ‘bullish,’…”
“but also a sign that a test of the wedge’s resistance could follow in the month(s) ahead.”
Also, The report gives further revelation on the reason a long consolidation period is bullish for SOL.
“As with many other chart patterns, the longer it takes for SOL to trend higher while also retaining the wedge’s uptrending line as support, potentially the higher SOL could travel before ultimately cooling off and entering into a downtrend.”
Lastly, considering Kraken’s chart, an sharp Solana may lead thee large-cap crypto asset above $600 by January 2022. Thereby, indicating a a potential uptrend of over 255% rally from its current price of $169.
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