In a notable development in the world of cryptocurrencies, Solana (SOL) has been emerging in growth in recent months and attracting investors given its high valuation.
The Solana cryptocurrency is showing a sign of potential upside in its price, according to an analysis shared on March 18 by renowned cryptocurrency analyst Ali Martinez.
“The TD sell signal on the Solana daily chart has just been invalidated, suggesting a bullish outlook for $SOL. It has crossed the risk setup line at $198, potentially setting the stage for a new countdown towards another sell signal. This advance is similar to last December, when a similar invalidation of TD’s sell signal led SOL to clip its setup risk line, triggering a remarkable 70% rally before facing the next sell signal,” he wrote .
The TD sell signal on #Solana daily chart has just been invalidated, hinting at a bullish outlook for $SOL. It pierced through the setup risk line at $198, potentially setting the stage for a new countdown toward another sell signal.
This breakthrough is akin to last December… pic.twitter.com/9m3ZqrhxKG
— Ali (@ali_charts) March 18, 2024
At the time of publication, the price of Solana was quoted at US$204.05, up 6.1% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$12,528,650,394. In the last seven days, Solana has increased its price by 39.1%.
It is worth noting that Solana (SOL) surpassed Binance Coin (BNB) and assumed the position of fourth largest cryptocurrency in terms of market capitalization. Currently, SOL has a market capitalization of $90,577,917,463.
In the competitive blockchain landscape, Solana stands out by adopting an ambitious strategy, aiming to reach a dazzling market value of US$1 trillion. Its position as The Chain for Retail™️ solidifies its aspiration to be the premier choice in cryptocurrency retail, contrasting with Ethereum and its speed, cost, and complexity challenges.
While Ethereum struggles with its Layer 2 solutions, which aim to improve the user experience but end up introducing new obstacles and fragmenting liquidity, Solana offers a platform optimized for retail. Even Coinbase, a traditional ally of Ethereum, when launching Base, its own L2, was unable to overcome the problem of fragmented liquidity.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/solana-preparada-para-potencial-alta-analista-preve-aumento-de-precos/
