$174 In Sight: Analyst Projects Major Surge For Solana (SOL)

Christian Encila

1 year ago

2 mins read

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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.

Solana market cap currently at $74.7 billion. Chart: TradingView

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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