Solana’s (SOL), is flashing green in all areas. This asset has risen by 1.9% daily, 14.2% weekly, 6.1% 14-day and 8.4% from the previous month. SOL’s price has also risen by almost 471% since the beginning of 2023.
Also Read: Solana Mirroring 2021 Bull Run Pattern: New All-Time High Soon?
SOL’s latest rally occurs in tandem with a bigger market recovery. Bitcoin (BTC), the cryptocurrency market capitalization, and Bitcoin’s $65,000 price level have both risen 1% over the past 24 hours.
Solana will hit $174 soon?
Ali Martinez is a well-known cryptocurrency analyst who took to X, and revealed that SOL will be forming a group. “W” pattern. Pattern analysis suggests SOL may rise up to $174. A rally exceeding 8.75% is required to reach $174. SOL has the ability to rise 8.7% given its performance in 2023.
Martinez also points out that short positions of $2.98billion will be liquidated in the event Solana surges up to $176.
Also Read: Solana (SOL): The Ethereum Killer Targets 21% Price Increase
Analysts at CoinCodex expect SOL will continue to trade between $162-$164 for the remainder of this month. Early bullish breakout is predicted by the platform next month. CoinCodex analysts predict that SOL will reach $185.67 by August 9, 2024.
Changelly Paints a bearish image for Solana in the future next Two weeks. Platform predicts SOL will trade in a range between $153 and $154 for the remainder of this month before picking up momentum in August. Analysts at Changelly predict that SOL will reach $180.47 by August 15, 2024.
A Solana ETF is also being talked about. VanEck already filed an application with the authorities for an SOL ETF, and approval is still pending. The fifth largest crypto, SOL, could reach four-digit prices if an SOL ETF was approved.
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Source: watcher.guru