Solana
Solana Forms Pattern That Could Take It to $174, Analyst Predicts
Solana (SOL) is flashing green across the board. The asset is up 1.9% on the daily charts, 14.2% on the weekly charts, 6.1% on the 14-day charts, and 8.4% over the past month. SOL is also up nearly 471% since July 2023.
Also read: Solana reflects the 2021 bull run pattern: a new all-time high soon?
SOL’s latest rally comes amid a broader market rally. Bitcoin (BTC) has reclaimed the $65,000 level and the global cryptocurrency market cap has climbed 1% in 24 hours to $2.52 trillion.
Will Solana hit $174?
Ali Martinez, a prominent cryptocurrency analyst, took to X and shared that SOL is forming a “W” pattern. Analysis of the pattern suggests that SOL could rise as high as $174. To reach $174 from current price levels, it would take an increase of over 8.75%. SOL is more than capable of rising 8.7% given its incredible performance in 2023.
Martinez also points out that $2.98 billion in short positions will be liquidated if Solana hits $176.
Also read: Solana (SOL): Ethereum killer aims for 21% price increase
CoinCodex analysts predict that SOL will continue to trade between $162 and $164 for the rest of the month. The platform predicts a bullish breakout early next month. According to CoinCodex researchers, SOL will reach $185.67 on August 9, 2024.
Changelly paints a rather bearish picture for Solana over the next two weeks. The platform predicts that SOL will trade between $153 and $154 for the remainder of the month, before regaining strength in August. Changelly analysts predict that SOL will reach $180.47 on August 15, 2024.
There is also a lot of talk about the arrival of a Solana ETF. VanEck has already filed an application with the authorities for a SOL ETF, the approval of which is still pending. If a SOL ETF is approved, the fifth-largest cryptocurrency could see its price exceed four digits.