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Influential cryptocurrency analyst Ali Martinez predicts a bullish run for Solana (CRYPTO: SOL), often touted as an ‘Ethereum (CRYPTO: ETH) killer,' amid growing market optimism around the digital asset.
What Happened: On Monday, Martinez posted his optimistic prediction for Solana on X, formerly Twitter. He noted the formation of a “W” pattern in Solana’s chart, which prompted him to forecast a rise to $174.
Also called a double bottom pattern in technical analysis, the “W” pattern typically occurs at the end of an extended bearish trend and signals a bullish reversal.
SOL was last seen at around $174 more than six weeks ago in May. If Martinez’s prognosis comes true, it would mean a 13% bounce from its prevailing price.
Why It Matters: Solana’s bullish market sentiment was supported by noted analysts in the cryptocurrency space. Syncracy Capital's Daniel Cheung predicted that the coin could reach 50% of Ethereum’s (CRYPTO: ETH) market valuation, while another trader, Eugene Ng Ah Sio, expressed confidence that it would become the market’s favorite.
Earlier, VanEck and 21Shares filed S-1 registration forms with the SEC for a Solana ETF, marking a significant step towards opening up the world’s third-largest speculative cryptocurrency to mainstream investors.
Price Action: At the time of writing, Solana was exchanging hands at $154.20, up 0.60% in the last 24 hours, and more than 7% over the week, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image Via Shutterstock
