SOL is set to rise 255% early next year, according to an analysis by Kraken

According to Kraken Exchange, Ethereum’s competitor, the Solana smart contract platform, is expected to start a strong rally as early as 2022.

In its most recent report, Kraken claims that SOL has been trading in a massive bullish pattern since 2020.

The exchange highlighted that the altcoin’s correction from all-time highs around $ 260 will trigger the next phase of the bull cycle.

“The fourth-place cryptocurrency appears to be in the early stages of a fourth“ pricing wave ”. Accordingly, it is in the early stages of the fourth wave of pricing, which is likely to continue the wedge pattern trend. ”

The source: octopus

Kraken added that SOL’s recent pullback could be viewed as a bullish signal to test cross support and prepare for a rally.

“Many could interpret the upswing not only as” bullish “, but also as an indication that this altcoin has the opportunity to test the wedge resistance in the coming months.”

The report also explains why an extended period of consolidation is good for SOL.

“As with many other chart patterns, it takes the SOL a long time to move up while still holding the rising wedge trendline for support. There is a chance the price could go up before it finally cools down and enters a downtrend. ”

Based on the Kraken chart, a strong bullish SOL could push the price above $ 600 in January 2022, showing potential for a 255% rise above the current $ 171 level.

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