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At the end of 2022 and the beginning of 2023, there were comments suggesting Solana was finished. The Solana network and its native token SOL rebounded and surpassed $200 within a year. This process pleased investors, but the subsequent pullback was interpreted as a parallel process to the decline in Bitcoin. Despite this, some analysts remain optimistic about SOL’s rise.
Analyst’s Solana Comment
Solana (SOL) and the general crypto market experienced a noticeable capital outflow, but one of the leading market analysts expressed a bullish outlook. Ali Martinez shared in his August 1st X post that a bullish formation had appeared on Solana’s four-hour chart.
Martinez highlighted the 61.8% Fibonacci retracement level that SOL recently visited. This level, located at $161.92, marks a critical support level and is important for price increases.
On the other hand, the Relative Strength Index (RSI) on the four-hour chart indicated oversold conditions, contributing to the view that Solana might be ready for a recovery. The RSI, formed due to overselling, generally reflects that the selling pressure may decrease and a price reversal could occur.
Solana’s Key Levels
Martinez reiterated the current 61.8% Fibonacci level in his analysis, suggesting it as a potential buying zone for SOL. Additionally, the analyst identified the region between $200 and $259 as a profit-taking target for SOL. This level aligns with the upper boundary of the rising megaphone formation and the 1.272 and 1.414 Fibonacci extension levels. Ali Martinez had previously set a price target of $1,000 for SOL.
Another analyst, CryptoPoseidonn, suggested that Solana might experience more selling in the coming days. In his analysis, investors might expect a drop to the $150 level. The analyst noted that this region could be examined as a new buying opportunity and set a price target of $500.
At the time of writing, SOL’s price had dropped by 3.35% to $156, indicating it was below the support level mentioned by Martinez, but it had not yet reached the level mentioned by CryptoPoseidonn.
