Solana (SOL) Price to Skyrocket to $174 as Experts Warn of $2.98 Bln Short Liquidations
Mustafa Mulla16 Jul 20242 min read
The Solana price has seen a significant rise, similar to major cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC). Since last week, it has surged by 12%, now settling at $156.7 from its recent low of around $121.50. Given this bullish market, renowned crypto analyst Ali Martinez predicts that Solana (SOL) could surge to $174.
Key Pattern Indicates Bullish Trend
Ali Martinez, a renowned crypto analyst, has observed that Solana’s price is forming a W pattern, also known as a double bottom pattern. This pattern is a key indicator that the coin has reached its lowest point twice at a similar price level, suggesting that it is unlikely to drop further.
For Solana, this pattern has formed around the $123 level, hinting at a potential surge. This provides traders with an opportunity to buy the dips, anticipating a strong upward movement. According to Ali Martinez, Solana’s price is poised to rise significantly, targeting the $174 level.
Adding bullish sentiment to the market is Donald Trump’s chances of winning the November US presidential election have risen to 71% on July 15 from 62% at the start of the month, according to prediction platform Polymarket. Additionally, the ongoing anticipation for a Solana ETF has continued to boost investor confidence in Solana.
$2.98 Billion in Shorts at Risk
Ali Martinez’s prediction adds weight to the optimistic sentiment, suggesting that the market could witness a significant shift if Solana surges to $176, a staggering $2.98 billion in short positions will be liquidated.
Such Massive liquidation in short positions would not only affect those who bet against Solana but could also create a ripple effect throughout the cryptocurrency market. Perhaps, this could drive the price of Solana even higher, increasing the bullish momentum.
Current Market Performance
As of now, Solana is trading at $156.60, reflecting a surge of 2.96% in the 24-hour and a 7.73% rise over the last 30 days. This recovery indicates that SOL has regained its losses from the recent crypto market downturn.
The increasing trading volume, which has surged by 38.72% to $2.87 billion, suggests growing investor interest and support for Solana’s upward movement.
