TL;DR
- An analyst has forecasted that Solana (SOL) could reach $175 before the end of July, based on bullish technical patterns.
- Ali Martinez identified a ‘W’ pattern and a ‘bull flag’ in SOL, suggesting a possible price increase if it surpasses the resistance range of $162 to $164.
- SOL has surpassed $160, recording significant increases in the past 24 hours, week, and month, driven by expectations of an Ethereum ETF and speculation about its own ETF.
The crypto market has been closely watching the recent movements of Solana (SOL), currently the fifth-largest cryptocurrency by market capitalization. Recently, a well-known analyst predicted that Solana could reach $175 before the end of July, specifically around the 25th. His forecast is based on technical patterns suggesting a bullish momentum for SOL.
Analyst Ali Martinez has identified a chart pattern known as ‘W’ or ‘double bottom’ in Solana’s recent behavior. This pattern is generally a strong indicator of a bullish reversal and a potential increase in the asset’s price. According to Martinez, if SOL manages to surpass the resistance range of $162 to $164, it could hit the critical target of $175. The analysis was shared in a post on his X account on July 18.
If #Solana surpasses the $162-$164 resistance range, the next target for $SOL is $175! pic.twitter.com/mxq0Z4F2pd
— Ali (@ali_charts) July 18, 2024
In addition to the ‘W’ pattern, Martinez has also observed the formation of a ‘bull flag,’ another common pattern that appears during a strong upward trend in the market. The ‘bull flag’ is characterized by a brief pause or slight pullback in prices after a significant rise, suggesting that the bullish trend will continue.
Solana Breaks the $160 Barrier
Currently, Solana is trading at $163.1, having surpassed the $160 barrier. In the past 24 hours, its price has increased by 1.3%, while over the past week it has risen by 18.47%. On the monthly chart, SOL has accumulated a gain of 18.3%, according to the latest data from CoinMarketCap. Its positive performance has generated optimistic expectations among investors and the crypto community.
One of the factors potentially driving Solana’s price. Is the anticipation of the launch of the first Ethereum (ETH) exchange-traded fund (ETF). The community speculates that Solana could be the next to receive an ETF. Especially after the investment management firm VanEck filed the corresponding application at the end of June. This speculation has provided an additional boost to SOL’s price.
Technical analysis and market expectations suggest a promising future for Solana, with potential to reach $175 in the short term. However, it is essential for investors to conduct their own research and understand the risks before making any decisions.
