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.

Related
Reading

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.

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.

Related
Reading

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

Go to Source
Author: Christian Encila

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