The bull flag pattern can raise the Solana (SOL) price up to $ 275

The bullish outlook for Solana (SOL) results from the formation of a bullish flag-like pattern that can reach $ 275 in the upcoming sessions.

In particular, bull flags are bullish continuation indicators that form when price consolidates within a symmetrical triangle-like structure after a sharp upward move.

The trend consolidation is accompanied by reduced volume, which reflects the underlying weakness of the trend.

And as the price approaches the peak – the point where the pennant trendlines converge, it tends to break out to the upside, with the target corresponding to the height of the previous uptrend, i.e. the flagpole.

SOL / USDT daily rate chart sets bull flag | Source: TradingView

SOL’s flagpole height is approximately $ 125. However, a breakout move at the top of the pennant (at around $ 150) gets it on its way to $ 275.

SOL / BTC rose too

SOL’s prospect of hitting the $ 275 mark lies amid a broader crypto market boom.

However, the price of SOL has also increased 8% against Bitcoin in the past two days, partly due to it being listed on the top South Korean exchange, Upbit.

SOL / BTC | Source: TradingView

Overall, SOL is one of the top performing altcoins in 2021 with a return of 8,500% to date. SOL traded at a record high of $ 216 in early September.

Institutional capital flows drive the price of SOL

According to a report from CoinShares, announced Although Bitcoin is attracting a lot of investor attention earlier this week, SOL’s price has been driven higher by institutional funding through dedicated mutual funds.

“Digital asset investment products recorded total inflows of $ 226 million, bringing the inflow to $ 638 million in eight weeks.”

“A composite image at Altcoins with recent favorites Solana ($ 12.5 million) and Cardano ($ 3 million) continues to see inflows, showing that the focus has not yet shifted entirely to Bitcoin.”

Institutional cash flow into digital asset investment products | Source: CoinShares

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Mr. Teacher

According to Cointelegraph

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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