8 September 2024
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.
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.
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.