In the ever-evolving landscape of the crypto market, all eyes are on Solana as a renowned analyst makes a bold prediction about the SOL price. Breaking free from a descending parallel channel, Solana’s potential ascent is now the talk of the town.

Meanwhile, amid the recent market volatility, particularly sparked by fluctuations in the Spot Bitcoin ETF, most of the major cryptos including Solana faced challenges to maintain a consistent and positive momentum over the last few weeks.

Solana (SOL) Price To Hit $113 Soon?

Popular crypto analyst Ali Martinez recently made a post on the X platform, identifying a significant shift in Solana’s trajectory. Notably, Martinez stated:

“Solana appears to be breaking out from a descending parallel channel.”

Meanwhile, this observation has stirred anticipation within the crypto community, as Martinez suggests that if Solana manages to maintain its position above the $94 mark, a substantial advancement toward the $113 milestone is imminent. It’s worth noting that recent years witnessed a notable surge in Solana’s popularity, particularly in 2023, establishing it as a favored investment choice among enthusiasts.

However, the broader crypto market has experienced a turbulent phase, with major cryptocurrencies grappling with downward momentum. Solana, too, hasn’t been immune to these market dynamics, facing challenges exacerbated by the volatility triggered by the Spot Bitcoin ETF.

Also Read: YieldMax Seeks US SEC Approval for Bitcoin Options Income Strategy ETF

Price and Performance

The Solana price was up 1.57% as of writing on Monday, January 29, and traded at $97.22. Meanwhile, over the last 24 hours, the trading volume of Solana soared 54.68% to $2.32 billion.

Over the last 24 hours, the SOL price has touched a high of $99.38 and a low of $93.54. In addition, the crypto has gained a surge of 8% over the last seven days, while witnessing a monthly decline of over 10%. Notably, at December end, the SOL price crossed the $120 mark, which suggested that the investors had put their bets on the crypto.

However, beyond its primary appeal, Solana’s ecosystem expands with the rise of meme coins such as BONK, dogwifhat (WIF), MYRO, and others. These Solana-based meme coins have carved a niche for themselves, gaining considerable traction within the crypto community in recent days.

As investors navigate through the market’s twists and turns, the diversification within Solana’s ecosystem presents intriguing opportunities, showcasing a broader narrative beyond the mainstream crypto trends. On the other hand, the path to $113 for Solana is undoubtedly laced with challenges, given the ongoing market volatility.

However, Martinez’s analysis injects optimism into the narrative, urging investors to watch closely as Solana’s price dynamics unfold in the coming days. As the crypto market continues its rollercoaster ride, Solana enthusiasts and investors brace themselves for a potential breakthrough that could reshape the trajectory of this dynamic digital asset.

Also Read: Bitcoin & Pepe Coin Grapple With Dip, Conflux Leads Rally

The post Top Analyst Predicts Solana (SOL) Price To Hit $113 Soon appeared first on CoinGape.

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