A widely followed crypto analyst believes that layer-1 platform Solana (SOL) is in a position to witness a nearly 2x surge.
Crypto trader Ali Martinez tells his 124,300 followers on the social media platform X that Solana appears to be trading in an ascending channel – a pattern suggesting that an asset is in an uptrend.
According to Martinez, Solana seems to be holding the diagonal support of the pattern, indicating that a rise to the top end of the channel is on the table.
“Solana SOL is testing a key support level at the lower boundary of this parallel channel. Holding above it could strengthen the uptrend, fueling an upswing to $387!”
At time of writing, SOL is trading for $201, translating to an over 92% gain if the asset hits the target price.
Looking at Solana’s on-chain activities, Martinez notes that the network is seeing strong adoption.
“The Solana SOL network is expanding at a strong pace, with over 5 million new addresses created per day!”
As for Bitcoin, Martinez says that more than $6.794 billion worth of BTC have been taken out of crypto exchanges in the last seven days.
“Over 70,000 Bitcoin BTC have been withdrawn from exchanges in the past week, signaling long-term confidence!”
At time of writing, Bitcoin is trading for $96,932.
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Generated Image: Midjourney
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