Altcoins
Solana (SOL) Price to Skyrocket to $174 as Experts Warn of $2.98 Billion in Short Liquidations
Solana price has seen a significant increase, similar to major cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC). Since last week, it has increased by 12%, now stands at $156.7 from its recent low of around $121.50. Given this bull market, renowned cryptocurrency analyst Ali Martinez predicts that Solana (SOL) could rise to $174.
The key pattern indicates an uptrend
Ali Martinez, a renowned cryptocurrency analyst, noted 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 hit its lowest point twice at a similar price level, which suggests that it is unlikely to drop further.
For Solana, this pattern is formed around the $123 level, suggesting a potential increase. This gives traders the opportunity to buy the dips, anticipating a strong move up. According to Ali Martinez, Solana price is ready to move up significantly, targeting the $174 level.
Adding bullish sentiment to the market is Donald Trump’s Chances of Winning the November U.S. presidential election rose to 71% on July 15 from 62% at the start of the month, according to forecasting platform Polymarket. In addition, the ongoing wait for a Solana ETF continued to increase investor confidence in Solana.
$2.98 billion in shorts at risk
Ali Martinez’s forecast reinforces the optimistic sentiment, suggesting that the market could see a significant shift if Solana rises to $176, a staggering $2.98 billion worth of short positions would be liquidated.
Such a massive liquidation of short positions would not only affect those betting against Solana, but could also create a ripple effect throughout the cryptocurrency market. Perhaps, this could push the price of Solana even higher, increasing the bullish momentum.
Current market performance
At the moment, Solana is trading at $156.60reflecting a 2.96% surge in the 24 hours and a 7.73% increase over the past 30 days. This recovery indicates that SOL has recovered the losses it suffered during the recent cryptocurrency market crisis.
The increase in trading volume, which increased by 38.72% to $2.87 billion, suggests growing investor interest and growing support for Solana’s upward move.