Solana (SOL) is flashing green across the board. The asset is up by 1.9% in the daily charts, 14.2% in the weekly charts, 6.1% in the 14-day charts, and 8.4% over the previous month. SOL has also rallied by nearly 471% since July 2023.
Also Read: Solana Mirroring 2021 Bull Run Pattern: New All-Time High Soon?
SOL’s latest rally is in conjunction with a larger market recovery. Bitcoin (BTC) has reclaimed the $65,000 level and the global crypto market cap has climbed 1% in 24 hours to $2.52 trillion.
Solana to hit $174?
Prominent cryptocurrency analyst Ali Martinez took to X and shared that SOL is forming a “W” pattern. Analysis of the pattern suggests that SOL could rise to $174. Hitting $174 from current price levels would require a rally of over 8.75%. SOL is more than capable of rallying 8.7%, given its incredible performance in 2023.
Martinez also highlights that $2.98 billion short positions will be liquidated if Solana surges to $176.
Also Read: Solana (SOL): The Ethereum Killer Targets 21% Price Increase
CoinCodex analysts anticipate SOL to continue trading between $162 and $164 for the rest of this month. The platform predicts a bullish breakout early next month. According to CoinCodex researchers SOL will hit $185.67 on Aug. 9, 2024.
Changelly paints a rather bearish picture for Solana over the next two weeks. The platform anticipates SOL to trade between $153 and $154 for the rest of the month, before picking up steam in August. Changelly analysts predict SOL to hit $180.47 on Aug. 15, 2024.
There is also a lot of talk about a Solana ETF making a debut. VanEck has already applied for an SOL ETF with the authorities, the approval for which is still pending. If an SOL ETF is approved, the fifth-largest crypto could see a price upwards of four digits.