Solana’s W Pattern Indicates Potential Surge Toward $174 According To This Analyst

According to Ali Martinez, Solana (SOL) is forming a “W” pattern, suggesting a bullish reversal that could propel the price toward $174. This pattern, also known as a double bottom, is a strong indicator of significant upward movement. The pattern’s formation, breakout confirmation, target price calculation, and potential resistance levels highlight the bullish outlook for Solana.

The chart reveals a distinct “W” formation, with two bottoms around $120, separated by a peak at $155. This resistance level is crucial in confirming the pattern. Recently, Solana’s price has surged above the $150 resistance, reaching $158.65. This breakout is further supported by increased trading volume, indicating strong bullish momentum. The confirmed breakout above this level suggests a completed “W” pattern, reinforcing the potential for further price increases.

The height of the “W” pattern helps project the potential upward movement. The difference between the lowest point ($120) and the resistance level ($150) is $30. Adding this to the breakout point ($150) gives a projected target price of $180. 

Post-breakout, an upward trendline has formed, suggesting continued bullish momentum. If Solana maintains this trendline, it is likely to reach the projected target price. Supporting this bullish sentiment, Whale Alert reported a significant transfer of 656,296 SOL, valued at approximately $103,399,606, between unknown wallets. 

Such large transactions often indicate increased interest and confidence in the asset. At press time, Solana is priced at $155.24, with a 1.77% increase over the last 24 hours and an 8.61% increase over the past week. With a circulating supply of 460 million SOL, the market cap stands at $72,010,742,037.

Solana’s “W” pattern formation, confirmed breakout, and supportive technical indicators suggest a bullish trend, with the price likely to surge toward $174. Market activity, including significant whale transfers, further supports this positive outlook.