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Solana (SOL) is showing strong signs of entering a bull market. According to crypto analyst Ali Martinez, the SOL price is forming a W pattern. Seeing this, the analyst has predicted that Solana is going to surge toward the $174 price level.
The W pattern, also known as a double bottom pattern, are essential indicators for a coin. When a coin forms this pattern on its chart, it indicated that the coin has bottomed twice at a similar price level. This means that traders have an opportunity to buy the dips as the coin will not drop below this level.
Overall, the W pattern suggests that a coin is going to enter a bull run after bottoming out. In the case of Solana, this pattern is revealing that its price bottomed out around the $123 level twice. Consequently, the SOL price appears to be getting ready for a major rebound to surge toward higher levels.
#Solana appears to be forming a W pattern, which suggests $SOL will surge toward $174! pic.twitter.com/OxXODWi1yA
— Ali (@ali_charts) July 15, 2024
Ali Martinez is also hinting at a huge Solana price rally in the coming days. He has predicted that the $174 price level is the next target for SOL. Moreover, Martinez further revealed that almost $2.98 billion in short positions are going to be liquidated if the SOL price surges to $176 from the current level.
Solana price movements
As of press time, SOL is trading at $155.60 after an increase of 1.96% in the past day. The price is up 7.73% over the last 30 days. This is an important figure as it reveals that the SOL price has shed its losses from the recent crypto market crash.
Another positive sign is the rising trading activity for Solana. The 24-hour trading volume of the coin has surged 32.45% to $2.77 billion. It shows that traders are getting back into the SOL market. This support is crucial as it will help Solana to complete its journey toward the $174 price level.