$174 In Sight: Analyst Projects Major Surge For Solana (SOL)
July 17 2024 - 4:00PM
NEWSBTC
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. Related Reading: Expert Foresees XRP Soaring To $250:
Technical Analysis Explained 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. #Solana appears to be forming a W pattern, which
suggests $SOL will surge toward $174! pic.twitter.com/OxXODWi1yA —
Ali (@ali_charts) July 15, 2024 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. Related Reading:
$50 Injection? Analyst Bullish On Injective After 25% Surge 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
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