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Solana (SOL) received an evaluation from cryptocurrency analyst Ali Martinez today. According to the analyst, Solana is preparing for a significant price increase towards the $174 target. Martinez notes that Solana has formed a “W” pattern or double bottom formation on its price chart. This formation typically indicates that the asset has reached its bottom price level twice, signaling strong support and potential for an upward trend.
Solana Forms Double Bottom at $123 Level
The double bottom formation indicates that an asset’s price will not fall below a certain level, marking a suitable point for investors to buy. In Solana’s case, the price has dipped twice at the $123 level, creating strong support. This suggests that Solana is on the verge of a significant price recovery and could potentially reach the $174 target as predicted by Ali Martinez.
Solana is currently trading at $155.60, having increased by 1.96% in the past day and 7.73% in the last 30 days. These movements indicate that Solana has recovered from the recent cryptocurrency market downturn. The increase in Solana’s trading volume also supports this positive outlook. In the last 24 hours, the trading volume has risen by 32.45% to $2.77 billion, indicating increased investor activity for SOL coin.
Martinez’s Predictions and Advice for Investors
The increase in trading volume is a critical factor as it provides the necessary support for Solana’s price to potentially reach the predicted $174 level. Martinez also notes that if Solana’s price reaches $176, it could lead to the liquidation of approximately $2.98 billion in short positions, creating additional upward pressure on the price.
Despite the optimistic outlook, it is always important to approach these predictions with caution. The cryptocurrency market is highly volatile, and while technical formations like the double bottom provide valuable insights, they are not foolproof. Considering that Solana was deemed a dead coin after the FTX collapse, it can be said that the cryptocurrency has risen from its ashes. The biggest expectation for SOL now is to surpass the peak level of $259.90.
