Not long after Solana (SOL) started to make a substantial recovery and demonstrate a bullish signal hinting at its possible rise to $174, a renowned cryptocurrency analyst has pinpointed when the currently fifth-largest asset in the crypto sector by market capitalization could hit $175.
Indeed, crypto trading expert Ali Martinez earlier observed that Solana appeared to be forming a ‘W’ pattern that could culminate with a $174 price, more recently specifying that surpassing the $162-$164 resistance range would lead it to the next critical target, according to his X post on July 18.
Solana price performance analysis. Source: Ali Martinez
As it happens, the ‘W’ chart pattern, also known as a ‘double bottom,’ is typically a strong indicator of a bullish reversal and upward momentum for the asset demonstrating it, and SOL seems to be making a textbook ‘W’ pattern that could, indeed, see it hit the expert’s target in a given timeframe.
On top of that, Martinez has recently also observed the “bull flag nobody is talking about” for Solana, a reliable and common pattern that appears during a strong upward market trend, characterized by a brief pause or slight pullback in prices following a sharp rise.
Solana bull flag. Source: Ali Martinez
Solana price analysis
At the moment, Solana is changing hands at the price of $160.65 after successfully crossing the $160 barrier, recording a 0.86% increase in the last 24 hours, advancing 18.43% over the previous seven days, and accumulating a gain of 15.23% on its monthly chart, as per data on July 19.
Solana price 7-day chart. Source: Finbold
So, why is Solana pumping? Notably, as the crypto community anticipates the launch of the first spot Ethereum (ETH) exchange-traded fund (ETF), Solana might be next to get it, considering that the American investment management firm VanEck filed for it in late June.
All things considered, the positive Solana news have given strength to the token’s price performance and technical analysis (TA) indicators suggest more advances in the future. However, doing one’s own research and understanding the risks is critical when investing as trends can change.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
