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.
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.
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
Source: NewsBTC