Analyst Ali Charts has shared an insightful analysis of Solana’s (SOL) price movement. He highlights a W pattern, suggesting a bullish reversal. According to Ali, this pattern could propel SOL’s price toward $174. His bases his analysis on the 12-hour interval chart for SOL, revealing a potential surge in value.
What you'll learn 👉
Solana (SOL) Price Analysis
The chart depicts a classic W pattern, a double bottom formation that typically signals a bullish trend. The two distinct low points of this pattern were noted around June 23, at approximately $121 and $123. The peak between these lows occurred at the beginning of July, around $151. This pattern is crucial as it marks the start of an upward trajectory.
After forming the second low, the price broke past the intermediate peak of $151, indicating the pattern’s expected play-out. The distance between the lowest point of the pattern ($121) and the peak ($151) is $30. Adding this to the breakout point ($151) results in a target above the $174 mentioned by Ali.
Market Implications
The W pattern is a strong bullish indicator, suggesting positive market sentiment for Solana. This pattern often leads traders to anticipate further price increases and consider long positions.
The breakout past $151 confirms the pattern, and the next key level to watch is $174. Reaching this level would validate the bullish W pattern and potentially drive further upward momentum.
Increased trading volume accompanying this breakout would further confirm the pattern’s validity and the strength of the upward movement. Achieving the $174 target would likely boost investor confidence in Solana, attracting more capital inflow into the crypto.
As of press time, data from CoinGecko shows that Solana trades at $156.56, with a daily trading volume of $3,555,583,246. This represents a 2.54% price increase in the last day and an 11.17% increase in the past week.
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Whale Alert and Market Confidence
In a related development, Whale Alert reported a transfer of 656,296 SOL, worth around $103,399,606, between unknown wallets. Such substantial movements often indicate increased market activity and confidence among large investors.
Overall, the formation of the W pattern on Solana’s chart, coupled with Ali’s analysis, points towards a bullish trend. If the price reaches the $174 mark, it will further validate this pattern and potentially lead to more upward movement, boosting investor confidence and market activity.
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