Renowned crypto analyst Ali Martinez has foreseen a potential rise in the price of Solana (SOL), a highly sought-after cryptocurrency currently making waves in the market. Martinez recently pointed out a noteworthy development on the daily Solana chart.
According to Martinez’s analysis, the technical sell signal on the SOL chart didn’t go through, signaling a positive trend for Solana. This came as Solana surpassed the resistance level at $198, indicating potential for its price to rise further and potentially marking the beginning of a new upward trend.
Solana (SOL) Showing Signs of Bullish Momentum
Crypto analyst Ali Martinez has highlighted a promising development for Solana (SOL), drawing parallels between the current situation and a previous event in December. Back then, the cancellation of a sell signal for SOL led to a significant 70% surge in its price before another sell signal appeared. This comparison suggests a potential repeat of history, offering hope for substantial growth for Solana investors.
The TD sell signal on #Solana daily chart has just been invalidated, hinting at a bullish outlook for $SOL. It pierced through the setup risk line at $198, potentially setting the stage for a new countdown toward another sell signal.
This breakthrough is akin to last December… pic.twitter.com/9m3ZqrhxKG
— Ali (@ali_charts) March 18, 2024
In the past week alone, Solana’s price has surged by 40%, surpassing the $200 mark for the first time since November 2021. This surge has propelled Solana’s market capitalization to around $90 billion, positioning it among the top 200 global enterprises according to CoinMarketCap.
With Solana’s recent strong performance, investors and crypto enthusiasts are keeping a close eye on potential opportunities in the market. Solana’s ability to withstand sell signals and capitalize on such events in the past reflects its bullish momentum and hints at further potential gains in the future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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