$174 In Sight: Analyst Projects Major Surge For Solana (SOL)

Share This Post

A favorable breakthrough for Solana is happening very soon. At least, this is what the crystal ball of Ali Martinez tells him.

The crypto specialist has come to the conclusion that Solana (SOL) is expected to see significant gains. Based on his latest examination of his chart’s 12-hour pattern, Martinez discovered a typical “W” pattern, which is a well-known sign of a bullish reversal that indicates that the price of SOL is likely to surge in the near future.

Two obvious troughs separated by a peak around the same price level define the “W” pattern, a double bottom. Solana’s most recent movement had an initial bottom on June 23 around $119, topping on June 30 at almost $147. On July 5, the second dip dropped to about $123, thereby verifying the trend before recovering.

Forecast And Investor Emotion

Driven by the strong technical basis set up by the “W” formation and backed by optimistic indications generally, Martinez forecasts Solana may reach $174 in the near term. This mark marks a notable comeback from the lows of mid-June, therefore highlighting SOL’s tenacity and future for more expansion.

Current estimates indicate Solana will climb by about 14%, maybe reaching $185 by August 16, 2024. Standing at 69 (Greed), the Fear & Greed Index shows rising market confidence; SOL records 18 out of 30 (60%) green days within 4.66% price volatility over the last month.

Technical Indices Verify Upward Trajectory

Solana, trading at $157 right now, has showed tenacity in keeping its rising trend with a 14% rise over the previous seven days. With the altcoin swinging between its upper and middle bands, indicating ongoing rising momentum, the Bollinger Bands (BB) indicator highlights SOL’s positive posture.

Early trading hours saw SOL momentarily dip the middle band, suggesting a minor stop before maybe picking back on its ascent towards the $174 resistance level.

This positive view is supported by the Moving Average Convergence Divergence (MACD) indicator, which shows a significant crossover whereby the MACD line stayed regularly above the signal line for a long time.

Green bars on the MACD histogram are also intensifying concurrently, indicating strong purchasing pressure and supporting SOL’s upward trend.

The stochastic RSI indicator, meantime, has often shown overbought conditions—many peaks over 80—reflecting consistent demand and investor optimism in SOL’s future.

With technical signs and market mood supporting more increases, Solana’s explosive ascent towards the $174 goal marks a turning moment for the altcoin.

Featured image from Getty Images, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Promises Made, Promises Kept

Last week America officially started a Strategic Bitcoin Reserve, but the Market doesn’t seem to care yet Last Week Macro Arguably Mattered More Than Policy Trump and macro dominated last week

Bitcoin Theft: UK NCA Officer Charged For Stealing 50 BTC

The UK Crown Persecution Service (CPS) has filed charges against a law enforcement agent for allegedly stealing 50 Bitcoin (BTC) in 2017 This development comes amidst continuous efforts by the UK

Bitcoin Price Breaking Out Of This Pattern — Can BTC Reclaim $90,000?

The Bitcoin price has shown good signs of recovery over the past few days, briefly returning above the $85,000 level to kickstart the weekend While BTC’s price has often floundered towards the end

Fixing Ethereum’s biggest problems

The following is a guest post from Rostyslav Bortman, Founder at Ethereum Ukraine If you’re planning to launch a stablecoin or preparing for a token generation event (TGE), your choice of

Despite Bitcoin’s Decline, Tom Lee Maintains BTC Will Still Be the Year’s Best Bet

Fundstrat co-founder and managing partner Tom Lee remains highly optimistic about bitcoin’s trajectory this year, emphasizing that his team has identified BTC as their top

XRP Price To $110? Bollinger Bands Creator Reveals Why It Will Become A Market Leader

The XRP price could be staging a parabolic rally to new all-time highs of $110 While an analyst shares a technical analysis to back this ambitious target, Bollinger Bands creator John Bollinger