Solana (SOL) Bulls Imminent: Analyst Predicts Price Surge To $113
January 29 2024 - 6:00AM
NEWSBTC
In the ever-fluctuating world of cryptocurrencies, Solana (SOL),
which has witnessed a significant decline in price in the past few
days, might be poised for a breakout soon toward the upward
trajectory. Solana Set To Hit The $113 Price Mark Soon As the
development unfolds, Ali Martinez, a well-known cryptocurrency
analyst, has revealed his short-term price predictions for Solana.
The analyst took to the social media platform X (formerly Twitter)
to share his latest projections with the crypto community. In
the X post, Ali Martinez has identified a notable shift in the
direction of Solana. According to him, “SOL seems to be breaking
out from a descending parallel channel.” Related Reading: Analysts
Reveal Next Steps As Solana Corrects Hard After 1000% Rally As a
result, Martinez has predicted the price of Solana to reach a new
yearly high of $113. However, this is anticipated to take place if
SOL manages to hold its position “above the $94” price mark. The
post read: Solana appears to be breaking out from a descending
parallel channel. If SOL can hold above $94, it has a great chance
of advancing toward $113. Martinez’s price predictions for SOL came
amidst the present market volatility, which is believed to be
triggered by the Bitcoin Spot ETFs. Since the approval of the
products, the larger crypto market has gone through a difficult
time. Major cryptocurrency assets in the market have witnessed a
major decline in value over time. Nonetheless, the expert’s recent
price overview has sparked new hope for SOL traders and investors.
Martinez’s positive price forecast for Solana has caused quite a
frenzy in the entire crypto community. With SOL breaking free from
a parallel channel that was falling, everyone is now talking about
the token’s possible rise. It is noteworthy that Solana has
experienced a significant upswing in popularity in recent years,
especially in 2023. Due to this, the project has become a preferred
investment option for crypto aficionados and investors. As of the
time of writing, Solana was trading at $96.63, demonstrating a 10%
increase in the past week. The digital asset boasts of a 47% rise
in daily trading volume valued at $2.30 billion. The SOL Ecosystem
Buzzing With Activity Lately, several exciting developments have
put Solana’s ecosystem in the spotlight. One of the recent events
is the introduction of the SOL-based meme coin Wen (WEN), which has
seen a notable rise in its daily trade. Related Reading: Solana
Dominates Ethereum, Bitcoin In NFT, Activity: What’s Next For SOL?
According to a report, the meme coin’s 24-hour trading volume has
elapsed that of the popular Shiba Inu (SHIB) token. The token has
had a remarkable rise in its daily trade, recording over 40%
increase. Data from the report shows that WEN recorded a whopping
$115 million in its 24-hour trading volume. Meanwhile, Shiba Inu
recorded a whopping $88 million in its daily trading volume.
Currently, the daily trading volume of the coin is sitting at $123
million, indicating a 76% increase. This suggests increased trader
interest, which could be connected to the recent market activities
specific to the coin. Featured image from Shutterstock, chart from
Tradingview.com
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