The price of Solana is once again in the spotlight due to a bullish analysis by analyst Ali Martinez.
Chart Analysis of Solana
Ali Martinez shared a chart of Solana on the X platform (formerly Twitter), highlighting its breakout from a classic 'cup and handle' pattern. The analyst stated that the breakout target is at least $1,315. The long-term formation observed in Solana's chart is often associated with trend continuation, supported by strong price action and Fibonacci levels indicating even higher potential.
Current Price Levels of Solana
Currently, Solana's price is around $185.63, having previously tested resistance in the $195 to $255 range. The 'cup' structure formed from late 2022 to mid-2024, with the price hitting a low of around $8. Following the creation of the 'handle,' Solana broke through resistance levels in mid-July.
Trader Perspectives
The current setup for Solana sparks interest among traders: it features long-term accumulation, a clear breakout from a well-defined pattern, and bullish price action in Solana confirmed by volume. Traders are closely monitoring the situation, anticipating that the $1,315 target may be reached in the coming weeks or months.
Overall, the recent developments surrounding Solana highlight optimism among traders, emphasizing the potential for price growth supported by volume levels.
