Solana (SOL) has shown a remarkable recovery over the past week, driven by significant market enthusiasm. Analysts now eye the $174 mark for SOL as the Web3 token flashes a bullish signal.
In an X post on July 15, cryptocurrency analyst Ali Martinez highlighted that, based on technical indicators and historical performances, Solana is poised for a possible rally to claim the $174 mark in the near future.
Martinez pointed out the formation of a “W” pattern on Solana’s chart, suggesting a bullish reversal. This pattern, also known as a double bottom, is often considered a strong indicator of upward momentum.
Solana price analysis chart. Source: Ali_Martinez/X
Key support and resistance levels
Technical analysis identifies several key levels for Solana. Primary support levels are marked at $151 and $119, the lowest point in the double bottom formation.
On the other hand, resistance levels are set at $160 and $176. The $160.00 level is just above the current price, representing a crucial barrier.
Breaking through this level could pave the way for further gains, with $176 as subsequent targets.
Solana price analysis
Solana 7-day price chart. Source: Finbold
Solana is currently trading at $157 with a 2% increase in the daily chart. Solana’s bullish trend is further supported by the robust increase in Total Value Locked (TVL) in Solana’s decentralized finance (DeFi) protocols, which has surged to $4.68 billion.
This significant inflow of capital underscores growing investor confidence and the potential for further market growth.
The price trend is clearly upward, with Solana following an ascending trend line that confirms the bullish momentum. These fundamental factors, combined with the technical analysis, provide a robust framework for making informed investment decisions.
Keeping an eye on market trends, trading volumes, and broader cryptocurrency market movements will be vital in navigating Solana’s price action in the coming days and weeks.
It is imperative for investors to conduct thorough due diligence and implement effective risk management practices to ensure a well-balanced and secure investment strategy.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
