The Solana network’s performance has been undeniably positive over the last several weeks. Amid the meme coin craze, it has seen the value of its native token skyrocket. Yet, those gains may not be set to slow down anytime soon, as Solana (SOL) is facing a signal that may hint at an impending all-time high (ATH).
Specifically, crypto analyst Ali Martinez has discussed one recent technical indicator that could have massive ramifications. Indeed, its historical relevance could see SOL surge a remarkable 70%. Considering its current $203 price, according to CoinMarketCap, it would soar beyond its ATH of $260.
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Solana Set to Surge Amid Network Dominance?
The digital asset market as a whole has performed immensely well throughout this year. Led by Bitcoin’s ascension to $73,000, the entire industry has produced gains. Yet, few have seen the benefit of it overarching ecosystem that Solana has.
The asset has set DEX daily volume records and recently surpassed the Binance Coin (BNB) as the fourth-largest cryptocurrency on the planet by market cap. Although it’s currently facing a 4% increase over the last 24 hours alone, it may not be done surging.
Taking to Twitter, crypto analyst Ali Martinez revealed that Solana (SOL) has displayed an indicating signal that may hint at an impending ATH for the asset. Specifically, he reported the TD sell signal on the assets daily chart had been invalidated. Subsequently, the asset was facing a bullish outlook.
Also Read: Solana (SOL) Flips BNB to Become 4th Largest Cryptocurrency
“It pierced through the setup risk line at $198, potentially setting the stage for a new countdown toward another sell signal,” Martinez said. Furthermore, he noted that the development is “akin to last December when similar invalidation of the TD’s sell signal led [SOL] to slice through its setup risk line, igniting a remarkable 70% rally before facing the next sell signal.”
If history were to repeat itself, Solana would be well on its way to a new all-time high. At its current standing above $200, a rally of that magnitude would push it to the $340 range. Conversely, the overwhelming positivity surrounding the network works in SOL’s favor.
The asset has recently reached a record in its Google search volume. Additionally, its home of the ongoing meme coin and presale craze has already led it to its highest level since 2021. The current technical indicators note that further gains into uncharted territory are not at all out of the question.