Solana (SOL) Set to Reach $174 Target, According to Top Analyst Ahead ETF Launch

• Analyst Ali Martinez predicts a bullish surge for the Solana price to $174 based on the formation of a W pattern, indicating a potential for a major rebound.
• Trading activity for Solana is on the rise, with a 32.45% increase in 24-hour trading volume to $2.77 billion. This uptick suggests renewed trader interest, crucial for SOL’s momentum.

Solana’s native cryptocurrency SOL has shown signs of a healthy bounce back gaining 10% over the past week. As of press time, Solana (SOL) is trading 2.07% up at $155 with a market cap of $72.2 billion. On the technical chart, Solana is showing strong chart formation with a bullish breakout ahead.

As per popular crypto analyst Ali Martinez, the Solana price chart is forming a W pattern. Based on this chart pattern the analyst has predicted the SOL price to reach $174.

The W pattern is also popularly referred to as the double bottom formation in technical analysis. For Solana, the W pattern formation indicates the bottom formation around $123 twice. As a result, the Solana price now seems to be gearing up for a major rebound to higher levels on the upside.

#Solana appears to be forming a W pattern, which suggests $SOL will surge toward $174! pic.twitter.com/OxXODWi1yA

— Ali (@ali_charts) July 15, 2024

Moreover, Martinez disclosed that nearly $2.98 billion in short positions will be liquidated if SOL’s price rises to $176 from its current level.

Additionally, trading activity for Solana is increasing. The 24-hour trading volume of the coin has surged by 32.45% to $2.77 billion, indicating that traders are re-entering the SOL market. This support is crucial for Solana’s potential journey toward the $174 price level.

Solana ETF Hype Continues

The anticipation for a Solana ETF is building as stablecoin issuer Circle recently minted $250 million worth of USDC on the network, per the CNF report. This injection of fresh liquidity is expected to boost confidence in the potential investment product.

While the market awaits the official launch of an Ethereum ETF, Solana is garnering significant attention. Firms like VanEck and 21Shares have already filed the necessary paperwork with the US Securities and Exchange Commission (SEC). The excitement surrounding the SOL offering is expected to grow further.

The hype for a Solana ETF has accelerated with Circle minting $250 million in USDC on the network, reflecting a surge in user demand and the blockchain’s potential. With Bitcoin and Ethereum ETFs already in play this year, many believe Solana is next in line, per the CNF update.

Can SOL Touch $1000 In Next Bull Run?

While Solana is yet to surpass its previous all-time high from 2021, market analysts are already giving massive price targets for the altcoins for the upcoming bull run. Captain Faibik shared on X (formerly Twitter),

I believe $SOL #Solana will reach the $1,000 mark in the upcoming Bullish Rally…

This optimistic forecast is based on Solana’s historical growth trajectory, which saw significant expansion from late 2020 to mid-2021. After experiencing a prolonged downtrend until early 2023, Solana has been steadily recovering, breaking out of a descending channel and forming an ascending pattern.