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.
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.
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.