Solana
Solana Could Surge to $174 as SOL Flashes Bullish Signal
Solana (GROUND) has shown a remarkable recovery over the past week, driven by significant market enthusiasm. Analysts are now targeting the $174 mark for SOL as the Web3 token posts a bullish signal.
In a X job the 15th of July, cryptocurrency Analyst Ali Martinez highlighted that based on technical indicators and historical performance, Solana is poised for a possible rally to reach the $174 mark in the near future.
Martinez pointed out the formation of a “W” pattern on Solana’s chart, suggesting a bullish reversal. This pattern, also known as a double bottom, is often considered a strong indicator of upward momentum.
Solana Price Analysis Chart. Source: Ali_Martinez/X
Key support and resistance levels
Technical analysis identifies several key levels for Solana. support The levels are marked at $151 and $119, the lowest point of the double bottom formation.
On the other hand, resistance The levels are set at $160 and $176. The $160.00 level is just above the current price, representing a crucial barrier.
Breaking above this level could open the way for further gains, with $176 as subsequent targets.
Solana Price Analysis
Solana is currently trading at $157 with a 2% increase on the daily chart. Solana’s bullish trend is also supported by the sharp increase in the total value locked (TVL) in Solana’s decentralized finance (Challenge) protocols, which has jumped at $4.68 billion.
This significant influx of capital underlines the growth investor confidence and the potential for further growth in the market.
The price trend is clearly bullish, with Solana following an ascending trendline that confirms the bullish momentum. These fundamental factors, combined with technical analysis, provide a solid framework for making informed investment decisions.
Keep an eye on market trends, trading volumes and cryptocurrency market movements will be key to navigating Solana’s price action in the days and weeks ahead.
It is imperative for investors to conduct thorough due diligence and implement effective risk management practices to ensure a balanced and safe investment strategy.
Disclaimer: The content of this site should not be considered investment advice. Investing is a speculative activity. When you invest, your capital is at risk.