Solana (SOL)Recently, the cryptocurrency has given a buy signal, suggesting that this could be a good time to accumulate this altcoin. This development comes as cryptocurrency analysts including Ali Martinezpredicted a significant price increase for Solana.
Solana issues buy signal
Ali Martinez Revealed on an X (formerly Twitter) mail The sequential TD has presented a buy signal on Solana’s daily chart, indicating that the altcoin could bounce off the lower boundary of the parallel channel towards the middle or upper boundaries. The cryptocurrency analyst mentioned that the altcoin has been consolidating within this channel since April this year.
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Martinez also provided information on how Solarium could rise if this bounce occurs, revealing that the middle and upper bounds are positioned at $154 and $187, respectively. Martinez has been bullish on Solana, as he had previously predicted that Solana would hit $1,000 in This bullfight.
Meanwhile, Martinez warned that if Solana witnesses a sustained close below the lower boundary of the channel at $126, this could invalidate this trading setup and trigger a significant price correction for the altcoin, leading to a drop to as low as $110 or even $90.
Martinez is not the only analyst who has predicted that SOL will enjoy a price recovery and rally fairly soon. Cryptocurrency Analyst The moon Also recently suggested that the altcoin could rise as high as $155, depending on how things play out. The cryptocurrency analyst noted that Solana is trading inside a descending triangle, which he highlighted in the attached chart.
Based on this, he stated that $155 is a possible target for the altcoin. However, Solana could also come under further downward pressure and fall to $112.5. However, a drop to this price level provides an opportunity for investors to accumulate more Solana at those lows, especially since the altcoin is likely to hit a high of $155. new all-time high (ATH) at some point in this market cycle.
The price of SOL could drop to $80
Crypto Kaleo Cryptocurrency Analyst has provided a much more pessimistic outlook for Solana, predicting that the altcoin could fall to $80 before reaching a new ATH. The last time Solana fell into the $80 range was in January of this year, just before the rose above $100a support level that it has held ever since. The attached chart, which the cryptocurrency analyst shared, shows that Solana could rise as high as $375 after this corrective move.
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Cryptocurrency analyst Unknown Trader had made a similar prediction to Crypto Kaleo, highlighting between $77 and $83 as ideal areas for spot trading. SolariumHowever, while Crypto Kaleo believes that SOL’s drop to the $80 range will occur sometime between now and October, the attached chart from Unknown Trader showed that price correction It won’t happen until next year.
At the time of writing, Solana is trading around $127, down nearly 1% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Adobe Stock, chart from Tradingview.com
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