Solana has made an impressive recovery in the past week, attracting positive reviews from top crypto analysts who are highly bullish on its potential. Ali Martinez and Raoul Pal believe that SOL’s price will remain positive after its recovery from a drop to $79 on January 23.
SOL is currently trading in an uptrend and approaching the $100 price level. SOL has recorded a nearly 2% gain in the last 24 hours as more buyers join the market, raising the trading volume by over 53%.
Top Crypto Analysts Reveal Bullish Chart Patterns and Uptrend for Solana
Renowned crypto analyst Ali Martinez noted that Solana is breaking out of a descending parallel channel. This breakout signals a price recovery for SOL from a price slump on December 25, 2023.
#Solana appears to be breaking out from a descending parallel channel. If $SOL can hold above $94, it has a great chance of advancing toward $113! pic.twitter.com/cNdS6GeXXK
— Ali (@ali_charts) January 28, 2024
According to Ali, if SOL remains above the $94 price level, its value will likely increase to $113. But if it eventually rises to $113, it will reclaim its one-year high of $125.19.
Analyst Raoul Pal also shares a similar sentiment. According to Pal, SOL snapped out of a descending pattern channel, which is a strong bullish signal.
Therefore, he advised investors to continue to believe in SOL, stick with it, and remain positive.
Stick with the program… The Sun Also Rises $SOL
Log chart perfection? Maybe, just maybe… pic.twitter.com/S9Ctcs15pl
— Raoul Pal (@RaoulGMI) January 27, 2024
Solana’s ecosystem growth is one of the key drivers of its price gains with the launch of Solana mobile, DeFi growth, and NFT development. A close look at the daily chart confirms the sentiment expressed by these analysts and the possible price moves for SOL in the short term.
How Is SOL Faring Today?
SOL is trading at $97 after forming a bullish engulfing pattern on January 26. It has formed four consecutive green candles on the daily chart, flipping the $95.66 resistance to support today.
Currently, SOL faces resistance at $99.59, and a break above this level will send it above $100 for the first time in 2024.
Remarkably, SOL has broken out from the descending chart pattern formed between January 18 and 22. Its recovery began on January 23 after a bullish recovery pattern was observed.
Meanwhile, SOL is trading in the upper region of the Donchian Channel (DC), which implies that the price might increase even further.
The Relative Strength Index (RSI) is rising from the neutral zone with a value of 54.65; a move to 60 will confirm buyers’ dominance. Therefore, Ali’s prediction of $113 for SOL could likely happen if it breaks above the $99.59 resistance level.
However, a break above $100 will likely usher in a retracement phase for price consolidation. Therefore, SOL will likely break above $100 in the coming days as the buyers continue to support its rally.
Solana (SOL) is currently outperforming most of the other altcoins as Bitcoin rallies to trade above $42,000 today.
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