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Home Altcoins

Analyst Predicts Price Surge To $113

January 29, 2024
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Analyst Predicts Price Surge To $113
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In the ever-fluctuating world of cryptocurrencies, Solana (SOL), which has witnessed a significant decline in price in the past few days, might be poised for a breakout soon toward the upward trajectory.

Solana Set To Hit The $113 Price Mark Soon

As the development unfolds, Ali Martinez, a well-known cryptocurrency analyst, has revealed his short-term price predictions for Solana. The analyst took to the social media platform X (formerly Twitter) to share his latest projections with the crypto community. 

In the X post, Ali Martinez has identified a notable shift in the direction of Solana. According to him, “SOL seems to be breaking out from a descending parallel channel.”

As a result, Martinez has predicted the price of Solana to reach a new yearly high of $113. However, this is anticipated to take place if SOL manages to hold its position “above the $94” price mark.

The post read:

Solana appears to be breaking out from a descending parallel channel. If SOL can hold above $94, it has a great chance of advancing toward $113.

Martinez’s price predictions for SOL came amidst the present market volatility, which is believed to be triggered by the Bitcoin Spot ETFs. Since the approval of the products, the larger crypto market has gone through a difficult time.

Solana
SOL breaking out of the descending parallel channel | Source: Ali_charts on X

Major cryptocurrency assets in the market have witnessed a major decline in value over time. Nonetheless, the expert’s recent price overview has sparked new hope for SOL traders and investors.

Martinez’s positive price forecast for Solana has caused quite a frenzy in the entire crypto community. With SOL breaking free from a parallel channel that was falling, everyone is now talking about the token’s possible rise.

It is noteworthy that Solana has experienced a significant upswing in popularity in recent years, especially in 2023. Due to this, the project has become a preferred investment option for crypto aficionados and investors.

See also  ChatGPT's prediction says ADA will cross this price in 2024

As of the time of writing, Solana was trading at $96.63, demonstrating a 10% increase in the past week. The digital asset boasts of a 47% rise in daily trading volume valued at $2.30 billion.

The SOL Ecosystem Buzzing With Activity

Lately, several exciting developments have put Solana’s ecosystem in the spotlight. One of the recent events is the introduction of the SOL-based meme coin Wen (WEN), which has seen a notable rise in its daily trade.

According to a report, the meme coin’s 24-hour trading volume has elapsed that of the popular Shiba Inu (SHIB) token. The token has had a remarkable rise in its daily trade, recording over 40% increase.

Data from the report shows that WEN recorded a whopping $115 million in its 24-hour trading volume. Meanwhile, Shiba Inu recorded a whopping $88 million in its daily trading volume.

Currently, the daily trading volume of the coin is sitting at $123 million, indicating a 76% increase. This suggests increased trader interest, which could be connected to the recent market activities specific to the coin.

Solana
SOL trading at $96.86 in the 1D chart | Source: SOLUSDT on Tradingview.com

Featured image from Shutterstock, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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In the ever-fluctuating world of cryptocurrencies, Solana (SOL), which has witnessed a significant decline in price in the past few days, might be poised for a breakout soon toward the upward trajectory.

See also  'Cheap' Solana can flip Ethereum 'this week' - Analyst

Solana Set To Hit The $113 Price Mark Soon

As the development unfolds, Ali Martinez, a well-known cryptocurrency analyst, has revealed his short-term price predictions for Solana. The analyst took to the social media platform X (formerly Twitter) to share his latest projections with the crypto community. 

In the X post, Ali Martinez has identified a notable shift in the direction of Solana. According to him, “SOL seems to be breaking out from a descending parallel channel.”

As a result, Martinez has predicted the price of Solana to reach a new yearly high of $113. However, this is anticipated to take place if SOL manages to hold its position “above the $94” price mark.

The post read:

Solana appears to be breaking out from a descending parallel channel. If SOL can hold above $94, it has a great chance of advancing toward $113.

Martinez’s price predictions for SOL came amidst the present market volatility, which is believed to be triggered by the Bitcoin Spot ETFs. Since the approval of the products, the larger crypto market has gone through a difficult time.

Solana
SOL breaking out of the descending parallel channel | Source: Ali_charts on X

Major cryptocurrency assets in the market have witnessed a major decline in value over time. Nonetheless, the expert’s recent price overview has sparked new hope for SOL traders and investors.

Martinez’s positive price forecast for Solana has caused quite a frenzy in the entire crypto community. With SOL breaking free from a parallel channel that was falling, everyone is now talking about the token’s possible rise.

It is noteworthy that Solana has experienced a significant upswing in popularity in recent years, especially in 2023. Due to this, the project has become a preferred investment option for crypto aficionados and investors.

See also  Bitcoin miners increase capacity though Inscription-fueled transaction fee surge cools ahead of halving

As of the time of writing, Solana was trading at $96.63, demonstrating a 10% increase in the past week. The digital asset boasts of a 47% rise in daily trading volume valued at $2.30 billion.

The SOL Ecosystem Buzzing With Activity

Lately, several exciting developments have put Solana’s ecosystem in the spotlight. One of the recent events is the introduction of the SOL-based meme coin Wen (WEN), which has seen a notable rise in its daily trade.

According to a report, the meme coin’s 24-hour trading volume has elapsed that of the popular Shiba Inu (SHIB) token. The token has had a remarkable rise in its daily trade, recording over 40% increase.

Data from the report shows that WEN recorded a whopping $115 million in its 24-hour trading volume. Meanwhile, Shiba Inu recorded a whopping $88 million in its daily trading volume.

Currently, the daily trading volume of the coin is sitting at $123 million, indicating a 76% increase. This suggests increased trader interest, which could be connected to the recent market activities specific to the coin.

Solana
SOL trading at $96.86 in the 1D chart | Source: SOLUSDT on Tradingview.com

Featured image from Shutterstock, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Tags: AnalystPredictsPriceSurge

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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Is Ethereum Finally Over the Slump? These 2 On-Chain Metrics Suggests a Bullish Turn

Is Ethereum Finally Over the Slump? These 2 On-Chain Metrics Suggests a Bullish Turn

August 21, 2024
National Power Administration ANDE Employees Allegedly Involved in Setting up Illegal Bitcoin Mining Farms in Paraguay

National Power Administration ANDE Employees Allegedly Involved in Setting up Illegal Bitcoin Mining Farms in Paraguay

June 30, 2024
Ore protocol’s V2 drives 14% of Solana network transactions

Ore protocol’s V2 drives 14% of Solana network transactions

August 8, 2024
Bitcoin Price Blasts Past $41,500: Here Are The Reasons

Bitcoin Price Blasts Past $41,500: Here Are The Reasons

December 4, 2023

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