A crypto analyst prediction for Solana (SOL) has ignited optimism amid investors as the SOL price surged beyond $200 for the first time after November 2021. The analyst predicted a potential 70% rally as Solana recently defied a key sell signal. Hence, he indicated a bullish outlook before the next sell signal.

Will Solana Rally 70%?

In a recent analysis shared on social media platform X, Ali Martinez, a crypto analyst, shared his analysis on Solana price trajectory. He highlighted the invalidation of the TD sell signal on Solana’s daily chart. This development, which signals a bullish outlook for SOL, saw the crypto piercing through the setup risk line at $198.

Moreover, Martinez drew parallels to a similar event last December when a comparable invalidation led to a remarkable 70% surge in Solana price. The analyst is now eyeing the potential for history to repeat itself, with SOL poised to embark on another upward trajectory. As SOL price extended beyond $200, Martinez’s analysis suggests that Solana could be poised for further gains amid countdown toward another sell signal.

This weekend, there was a surge in Solana network activity, surpassing Ethereum’s. The spike was driven by increased demand for Solana-based memecoins. On March 16, Solana’s total trading volume exceeded Ethereum’s, reaching $3.52 billion, marking a $1.1 billion difference, according to DefiLlama.

Notably, on March 14, investors rushed to a recently launched memecoin named Book of Meme (BOME). The crypto rapidly climbed from insignificance to a market capitalization of $1.45 billion within just 56 hours. Additionally, over the past month, Solana’s decentralized finance (DeFi) total value locked (TVL) surged by over 80%, as reported by DefiLlama.

The impressive growth has propelled Solana’s DeFi TVL to its highest point in the last two years, currently standing at $4.30 billion. Among the top five DeFi networks by TVL, Solana has witnessed the most significant expansion in the past month.

Also Read: Solana Overtakes Ethereum: SOL Price Surges Beyond $200, What’s on the Horizon?

Solana Price Surge Continues

Solana’s phenomenal price surge continued on Monday, March 18. As of writing, the SOL price soared 7.13% to $206.26 with a market cap of $91.56 billion. On the contrary, the SOL trade volume slumped 12.17% to $10.74 in the past 24 hours.

On a positive note, Solana registered a 9.05% surge in open interest to $3.20 billion, according to Coinglass. However, shorts dominated the liquidations in a bid to minimize their losses owing to the recent price surge. In the past 24 hours, $17.67 million liquidations were noted for Solana.

Short traders accounted for $11.77 million liquidations as they renewed their positions. The short squeeze could temporarily sent the Solana price even higher before a massive slump. Whilst, long position holders liquidated $5.90 million worth of SOL to cash in profits from the surge.

Also Read: Solana Meme Coin Slerf Presale Investors Incur $10M Loss, Here’s Why

The post Solana Price To Rally 70% As SOL Defies Sell Signal, Analyst Predicts appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am