Solana’s turning point may be underway, with renowned market analyst Ali Martinez noting strong on-chain support around the psychological $100 level, where at least 40 million coins have chan
Solana’s turning point may be underway, with renowned market analyst Ali Martinez noting strong on-chain support around the psychological $100 level, where at least 40 million coins have changed hands.
Per CoinGecko data, Solana (SOL) is trading at $117.25, representing a 15.9% increase in the past week. Therefore, the $100 support zone could become of the essence if the 7th-largest cryptocurrency attempts another leg higher.
Martinez also acknowledges the formation of a massive cup-and-handle pattern on Solana’s weekly chart with the neckline sitting near $360.
As a result, if the $360 level sees the light of day, Martinez believes this could open the door for the potential long-term target of $1,300, which could represent a 10x jump from current levels.
Veteran analyst Peter Brandt has also acknowledged the importance of Solana’s long-term structure, thanks to the materialization of a rare macro-lebel cup-and-handle pattern.
Source: Peter Brandt
More notably, Brandt described SOL’s five-year chart as approaching a potential resolution after an extended period of consolidation.
According to his analysis, the top altcoin could first make at least a 100% move toward the upper boundary of the current formation.
On the other hand, Solana is attracting increased attention from U.S. investors through spot ETF products. Recent flows into Solana-related exchange-traded funds (ETFs) have added another layer to the bullish narrative surrounding the network with a price discovery cycle seemingly materializing.
