As a seasoned financial analyst with over a decade of experience in the cryptocurrency market, I have witnessed numerous price movements and trends that have shaped the landscape of digital assets. The recent surge in Solana (SOL) price, which has jumped over 14% in just one week to trade around $160, has piqued my interest due to its potential for further growth.
Over the last week, Solana’s (SOL) price has surged by more than 14%, reaching approximately $160. This uptick follows a broader cryptocurrency market rebound that ensued post the unsuccessful assassination attempt on pro-crypto presidential candidate Donald Trump.
Based on the analysis of well-known cryptocurrency expert Ali Martinez, the price of Solana (SOL) could potentially rise further up to $174 due to the emergence of a significant technical configuration suggestive of a persistent price uptrend.
On microblogging platform X, where Martinez has over 60,000 followers, he recently posted a chart displaying a “W” shape representing Solana’s price movement. This pattern is typically seen as a bullish indicator of a reversal in the market trend. Known as a double bottom, it suggests that the downward momentum from a previous market slump may be coming to an end.
#Solana appears to be forming a W pattern, which suggests $SOL will surge toward $174! — Ali (@ali_charts) July 15, 2024
Solana Price Analysis
Examining Solana’s price trend for the year reveals that the cryptocurrency’s current value surpasses not only its 50-day simple moving average (SMA), which is currently at $146.9, but also its 200-day SMA, sitting at $105.2.
The RSI reading of 60.7 suggests a bullish outlook for both short-term and long-term investors. Although the RSI is just above the overbought threshold of 70, it’s trending lower, which indicates that the market still has bullish momentum.
Currently, the MACD line stands at 2.84, and the signal line is positioned at 1.6. The histogram displays positive values, indicating a bullish trend. When the MACD line surpasses the signal line, it signifies increasing buying power in the market.
The value of the cryptocurrency seems to encounter resistance at approximately $162.6, while it finds support close to its 50 Simple Moving Average (SMA) at around $146.9.
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2024-07-17 05:17