Solana (SOL) seems to be recovering from the recent market bloodbath, following on the heels of the larger market trend. SOL has rallied by 6.7% in the last 24 hours and by 5.1% in the 14-day charts. The asset continues to glow red in the weekly and monthly charts, falling by 4.3% and 10.3%, respectively.
Also Read: Solana: $1000 Monthly in SOL Since 2020 Worth $1.4 Million Today
The market reversal suggests that traders are overcoming their fears around the Mt. Gox Bitcoin reimbursement and the German government’s massive BTC sales. Inflows into BTC ETFs have also picked up the pace once again.
Solana mirroring 2021 pattern
Prominent cryptocurrency analyst Ali Martinez took to X and shared with his followers that SOL is mirroring its 2021 price pattern. The analyst also highlights that the asset’s RSI (relative strength index) is similar to that of 2021. The last time this pattern emerged, the crypto market exploded into a rally, with many assets hitting a new all-time high. With the crypto market showing recovery signs from the recent sell-off, we may witness a market-wide rally very soon.
Also Read: Solana ETF Final Deadline Set For Mid-March 2025
CoinCodex analysts predict Solana to continue trading around current levels for the next few weeks. The platform anticipates SOL to hit $158.48 by the end of this month, a rise of about 11.2% from current levels.
Changelly doesn’t believe SOL will cross the $150 threshold this month. The platform anticipates SOL to peak at $147.26 in July 2024.
The introduction of the Ethereum ETF later this month is another element that could spark a rally across the board. The debut of the BTC ETF earlier this year caused a huge influx of capital into the cryptocurrency market. An Ethereum ETF may show a similar trend.