Solana Bulls Eye $100 as Parallel Channel Breakout Looms
Solana (SOL) is showing three bullish signals that could send its price soaring towards $100, according to analyst Ali Martinez. The cryptocurrency has been trading above $76 after a 6% recovery in the past week.
The first signal comes from the parallel channel formation on Solana's price chart, where the mid-range near $78 is an important level for confirmation. A break above this point could push SOL towards the channel's upper boundary around $100.
Another bullish indicator is the TD Sequential buy signal on the daily chart, which typically anticipates a 1-4 candle upswing or the start of a new 'bullish countdown'. The resistance trendline at $78.7 is near the mid-range and makes it crucial for confirmation.
The MACD has also printed a golden cross, adding another sign that SOL may be approaching an upside breakout.