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Solana Flashes Buy Signal As Analysts Predict Rally For The Altcoin
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Solana Flashes Buy Signal As Analysts Predict Rally For The Altcoin

Scott Matherson
Scott Matherson
8 months ago
3 mins read
Solana

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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. 

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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.

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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. 

Solana price chart from Tradingview.com
SOL price fails to reclaim $130 | Source: SOLUSDT on Tradingview.com
Featured image created with Adobe Stock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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