Solana has lately registered some minor positive aspects rising by 5.05% prior to now seven days. Nevertheless, this truthful constructive kind follows a interval of serious market decline seen within the majority of the final 30 days. In response to famend market analyst Ali Martinez, Solana is well-placed to keep up its present uptrend with some critical potential worth targets in sight.
$225 Or $264: How Excessive Can SOL Fly?
In a latest submit on X, Martinez supplied a bullish prediction on the SOL market which hints at a number of worth targets. This constructive forecast relies on the Fibonacci retracement ranges and the formation of a parallel channel on the SOL/USDT chart.
In response to the crypto analyst, Solana is mostly transferring in an ascending channel indicating an general bullish development regardless of the latest market dip. Apparently, the altcoin has now bounced off the decrease boundary of this channel at $197.87 (0.618) suggesting a possible assist zone.
Due to this fact, Martinez postulates SOL is primed for a worth rally in accordance with its place within the ascending channel. With ample shopping for strain, the altcoin is tipped to interrupt above $225 (0.786) with a possible to commerce as excessive as $264. In response to the Fibonacci retracement ranges, an enormous surge in Solana Demand might spur the token to a brand new all-time excessive of $355 (1.414).
Alternatively, if SOL drops under $197 I.e. the ascending channel, the subsequent main assist is round $181 (0.5). Within the creation of overwhelming promoting strain, maybe as a consequence of unfavourable macroeconomic developments, the coin might fall as little as $125 (0).
Solana Maintains Payment Dominance Over Ethereum
Since January 9, Solana has constantly recorded a better 7-day common transaction charges than Ethereum based on a report by crypto analytics agency Glassnode. Whereas Solana’s dominance has weakened in February, there stays a major weekly transaction payment distinction of over $3 million suggesting a better community engagement and consumer engagement than Ethereum.
Usually, this growth may very well be attributed to the excessive market exercise within the Solana memecoin ecosystem which has produced high-value tokens akin to TRUMP. However, Ethereum stays the extra priceless smart-contract platform with a market cap of $329.7 billion supporting the dominant tasks within the DeFi and NFT house.
On the time of writing, SOL trades at $199 following a 1.92% achieve prior to now day. On bigger time frames, the altcoin is up by 3.20% prior to now 7 days. With a market cap of $98 billion, Solana continues to rank because the fifth largest cryptocurrency on the earth.
Featured picture from iStock, chart from Tradingview