Ali Martinez predicts a bullish future for Solana, highlighting a “W” pattern that suggests a price surge to new heights and potential short liquidations.
Ali Martinez, a seasoned analyst, has recently taken to X (formerly Twitter) to discuss Solana’s (SOL) potential price movement. His analysis highlights a “W” pattern on Solana’s chart, suggesting a significant bullish reversal.
#Solana appears to be forming a W pattern, which suggests $SOL will surge toward $174! pic.twitter.com/OxXODWi1yA
— Ali (@ali_charts) July 15, 2024
Martinez points out that the “W” pattern, also known as a double bottom, indicates a bullish trend towards a target of $174. The first bottom occurred on June 24, at around $122, followed by a peak in early July at $155, and the second bottom around July 5. The price has recently broken above the resistance formed by the peak between the two bottoms.
Liquidation Potential at $176
However, in another analysis, Martinez highlighted the potential for substantial liquidations if Solana’s price reaches $176. The provided heatmap shows a significant concentration of $2.98 billion in short positions that will be forced to liquidate at this level.
This liquidation event could create a short squeeze, driving the price higher as short sellers buy back the asset to cover their positions. The data from July 3 indicates that at a price of $175.989, the liquidation leverage was approximately $2.98 billion.
Raoul Pal’s Bullish Projections for Solana
In a previous analysis, Raoul Pal, CEO of Real Vision Group, shared Martinez’s optimistic outlook. Pal envisioned Solana’s price to rise significantly, projecting it to reach between $800 and $1,200 during a complete bubble cycle, potentially even surpassing $2,000. In a shorter market cycle, he estimates the price could hit around $750.
Pal’s confidence in Solana’s future is bolstered by its new validator, Fire Dancer, which can process one million transactions per second.
Today, Solana’s price is $156, with a 24-hour trading volume of $3,389,390,159. This marks a 2.61% increase in the last 24 hours and an 11.21% increase over the past 7 days. Solana’s market cap stands at $72,441,249,341.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
