Solana Crypto Mirrors BNB Pattern, Eyes $1300

Solana (SOL) has been among the strong coins of the year, with its price action showing similarities to that of Binance Coin (BNB). Binance Coin became the third-largest cryptocurrency by market capitalisation, surpassing Ripple (XRP). XRP has held the third position since its price hit the $3 mark.

While Solana’s price was being compared to that of BNB, insights drew close resemblance. The similarities supported the potential for SOL to hit $1,300, but some signals raised concerns.

Solana Price Eyes $1,300

As per Ali Charts’ analysis on X, Solana’s weekly price chart had broken out of a massive cup-and-handle pattern. The analyst predicted a huge rally, as his post read, “Solana $SOL looks like it’s breaking out of a cup and handle. If confirmed, the pattern points to $1,300.”

The pattern has been in formation since the bull run that ended as 2022 approached. However, the top has been key in restricting further bullish action. More importantly, the price action has already broken out of the handle, which was in the form of a descending trend channel.

More institutions were adopting the Solana trend. This was an addition to the bullish prediction by Ali Chart. As per Solana Floor, Forward Industries announced they would be launching an institutional-grade validator for the chain.

The SOL treasury company partnered with Jump Crypto’s Firedancer and Galaxy in offering this 0% commission. They had already accumulated more than 6.8 million SOL in their portfolio.

Solana Price Mirrors BNB Pattern

Further analysis revealed that the price action aligned with that of BNB, which had reached a new peak of $1,300. BNB had already broken its 2021 highs while SOL was still attempting to successfully flip this zone. The $275 supply zone for Solana matched the $700 zone for BNB on the charts.

The structure in the RSI had already broken above the descending trendline on Solana, just as it had earlier for BNB. If Solana managed to repeat the pattern seen on BNB, $1,300 became a possibility. Once BNB broke out, it rallied to this price mark and seemed not to be slowing down at the moment.

The analysis on the three-weekly chart backed the potential trajectory for Solana to hit $1,300. However, this outlook faced two massive challenges that could delay its occurrence.

Why Could This Move for Solana Be Delayed?

According to Ted Pillows, large institutions were primarily investing in Bitcoin (BTC) and Ethereum (ETH). This explained why Solana treasury stocks were in a free fall. The charts indicated that these companies were not buying Solana currently. Purchases by these result in their stock prices rising.

The analyst noted that a reversal in the current SOL price surge could occur in November, as the Treasury was not loading. Forward Industries, Sol Strategies, Sharps Technology Inc., and DeFi Development Corp. were all bearish at the time of writing.

Additionally, the market sentiment for Solana was bearish for both retail and institutions. The sentiment gauge reading for the crowd was negative 0.01, while that of Smart Money was minus 0.89. Both parties shared a bearish anticipation, anticipating potential profit-taking from the recent surge.

Altogether, the $1,300 target for Solana seemed to be a long-term goal, just as it was for BNB. The current visible hurdles represented uncertainty in crypto, even when markets looked bullish.