Solana Flashes Buy Signal As Analysts Predict Rally For The Altcoin
08 September 2024 - 7:00AM
NEWSBTC
Solana (SOL)recently flashed a buy signal, suggesting that now
might be a great time to accumulate the altcoin. This development
comes as crypto analysts, including Ali Martinez, predicted a
significant price surge for Solana. Solana Flashes Buy Signal
Ali Martinez revealed in an X (formerly Twitter) post that the TD
sequential has presented a buy signal on Solana’s daily chart,
indicating that the altcoin could rebound from the lower boundary
of the parallel channel toward the middle or upper boundaries. The
crypto analyst mentioned that the altcoin has been consolidating
within this channel since April earlier this year. Related
Reading: Bitcoin Fear & Greed Index Falls To Extreme Fear, Is
The Bottom Close? Martinez also provided insights into how Solana
could rise if this rebound happens, revealing that the middle and
upper boundaries are positioned at $154 and $187, respectively.
Martinez has been bullish on Solana, as he had earlier predicted
that Solana would reach $1,000 in this bull run. Meanwhile,
Martinez warned that Solana witnessing a sustained close below the
channel’s lower boundary at $126 could invalidate this trade setup
and trigger a significant price correction for the altcoin, causing
it to drop to as low as $110 or even $90. Martinez isn’t the
only analyst who has predicted that SOL will enjoy a price recovery
and rally soon enough. Crypto analyst The Moon also recently
suggested that the altcoin could rally to as high as $155,
depending on how things play out. The crypto analyst noted that
Solana is trading within a descending triangle, which he
highlighted in the accompanying chart. Based on this, he
stated that $155 is a possible target for the altcoin. However,
Solana could also suffer more downside pressure and drop to as low
as $112.5. A drop to this price level, however, provides an
opportunity for investors to accumulate more Solana at such lows,
especially with the altcoin still likely to reach a new all-time
high (ATH) at some point in this market cycle. SOL Could Drop
To As Low As $80 Crypto analyst Crypto Kaleo has provided a much
more bearish outlook for Solana, predicting that the altcoin could
drop to as low as $80 before it reaches a new ATH. The last time
Solana dropped to the $80 range was in January earlier this year,
just before it climbed above $100, a support level it has
maintained ever since. The accompanying chart, which the crypto
analyst shared, shows that Solana could rise to as high as $375
after this corrective move. Related Reading: Here’s Why Bitcoin
Price Crashed Below $54,000 Crypto analyst Unknown Trader had made
a similar prediction to Crypto Kaleo, highlighting between $77 and
$83 as ideal areas to place spot bids for Solana. However, while
Crypto Kaleo believes that SOL’s drop to the $80 range will happen
sometime between now and October, Unknown Trader’s accompanying
chart showed that the price correction won’t happen until next
year. At the time of writing, Solana is trading at around
$127, down almost 1% in the last 24 hours, according to data from
CoinMarketCap. Featured image created with Adobe Stock, chart
from Tradingview.com
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