- Solana (SOL) is trading at $180, down 15% this week, with a 27% trading volume surge hinting at market activity.
- Ali Martinez highlights a symmetrical triangle, signaling a possible 40% move above $214 or below $183.
- Analyst Javon Marks sees bullish potential, projecting an 81% rally to $360 if SOL’s recent bull flag retest holds firm.
Solana (SOL), a top-tier blockchain network known for its speed and scalability, is on the brink of a significant breakout. Analysts are closely monitoring the situation, presenting both bullish and bearish scenarios for its next major price movement. With the broader cryptocurrency market caught in turbulence, driven by Bitcoin’s ongoing decline, altcoins like SOL are struggling to maintain their momentum.
Currently, SOL is trading at $180, down 2.88% in the last 24 hours and an alarming 15% over the past week. Despite this dip, its trading volume has surged by 27%, suggesting that some traders are positioning themselves for a potential reversal or further decline.
Solana’s Chart Signals 40% Price Swing Potential
Crypto analyst Ali Martinez has pointed out a critical technical pattern forming on Solana’s chart—a symmetrical triangle. Martinez explains, “Solana ($SOL) is consolidating within a symmetrical triangle.
A breakout above $214 or below $183 could trigger a 40% move in either direction.” This pattern, often seen during periods of indecision, sets the stage for a substantial price swing depending on which direction the breakout occurs.
Bullish Case for Solana: $360 Target in Sight
On the bullish side, analyst Javon Marks remains optimistic about Solana’s prospects. Marks highlighted that SOL recently completed a bull flag retest, a strong technical indicator of a potential upward breakout.
“If this retest holds, we could see an impressive rally,” Marks shared. “From current levels, SOL could climb over 81%, targeting the $360 range. In an even more optimistic scenario, prices might push as high as $457.97.”
The broader crypto market remains fragile, with Bitcoin’s decline acting as a headwind for many altcoins. However, Solana’s recent spike in trading activity indicates that traders are actively preparing for its next big move. Whether SOL breaks upward or downward, the potential for high volatility and significant gains, or losses, remains on the table.
Related | Ripple (XRP) Defies Market Dip, Eyes $4 Following Breakout and High Volume