Solana (SOL) has faced broader market turbulence over the past week but has swiftly rebounded to $140, suggesting further upside ahead.
According to crypto analyst Ali Martinez, in an X post on July 8, Solana’s current price action is mirroring the trajectory observed in 2021. Martinez noted that the SOL Relative Strength Index (RSI) is currently at the same level it was prior to the bullish breakout in 2021, indicating that a major upward SOL price rally could be imminent.
#Solana seems to be mirroring the same price pattern we saw in 2021! Even the $SOL RSI is at the same level it was back then before the big bullish breakout. pic.twitter.com/5QQKjUlZcx
— Ali (@ali_charts) July 8, 2024
Solana 7-day price chart. Source: Finbold
Should this trend continue, the price could potentially rise above $200, presenting a lucrative opportunity for investors and traders. The $140 level currently serves as a critical support level, and breaking above this resistance could further confirm the bullish trend, leading to higher price targets.
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