Solana Price Breakout Imminent, Expert Predicts Rally to $150
Solana's price has been on a steady rise since mid-September, and one trading expert believes this trend will continue. According to Ali Martinez, the cryptocurrency is poised for a breakout above $100.
Market analysts have identified several key metrics that suggest Solana is preparing for a strong rally. One of these metrics is the spot exchange-traded fund (ETF) flows, which have seen 11 consecutive weeks of net inflows. This means that institutional investors are continuing to absorb Solana, fuelling further growth.
Since July 13, Solana ETFs have accumulated around $450 million worth of SOL, a clear indication of the growing interest in the cryptocurrency. Additionally, the network is seeing increased activity, with September 11 being a record day for new addresses added to the blockchain.
Despite falling briefly below $100 after the CLARITY Act failed to advance in the US Senate, Solana's price has quickly recovered and has been steadily rising ever since. The cryptocurrency has gained over 90% since early June and is now trading at a press time price of $119.84.
While this is certainly an encouraging trend for Solana enthusiasts, it's worth noting that the expert's prediction of a rally to $150 remains speculative at this point in time.