Solana flashes green on all the boards. Assets are up 1.9% on the daily chart, 14.2% on the weekly chart, 6.1% on the 14-day chart, and by 8.4% over last 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 recent rally coincides with the larger recovery of the market. Bitcoin (BTC), the cryptocurrency market cap, and Bitcoin have both reclaimed $65,000.
Solana to reach $174 per pound?
Ali Martinez is a well-known cryptocurrency analyst who took to X, and revealed that SOL will be forming a group. “W” pattern. The pattern analysis indicates that SOL might rise to $174. To reach $174 at current prices, a rally over 8.75% would be required. SOL has the ability to rise 8.7% given its performance in 2023.
Martinez highlights the fact that 2,98 billion dollars will be liquidated from short positions if Solana rises above $176.
Also Read: Solana (SOL): The Ethereum Killer Targets 21% Price Increase
CoinCodex analyst’s expect SOL to remain between $162 and $154 for the rest this month. Platform predicts bullish breakout in the first week of next month. Researchers at CoinCodex predict that SOL will reach $185.67 by August 9, 2024.
Changelly The platform paints an overall bearish outlook for Solana in the coming two weeks. Platform predicts SOL will trade between $154 and $153 for the remainder of this month before gaining momentum in August. Analysts at Changelly predict that SOL will reach $180.47 by August 15, 2024.
Also, there is a lot to say about the debut of a Solana ETF. VanEck already filed an application with the authorities for a SOL ETF. The 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
