Solana Price Target of $100 Set by Crypto Analyst Ali Martinez
Crypto analyst Ali Martinez has set a price target of $100 for Solana (CRYPTO: SOL), with a possible breakout from its current parallel channel on the daily chart. The mid-channel resistance at $78 is seen as a key level, and if broken, it could trigger a move towards the upper boundary around $100.
According to Martinez, a rally to $100 would represent roughly 30% upside from current levels, which is currently trading at $76.88. The analyst also highlighted a 'Buy' signal on the TD Sequential indicator and a recent Moving Average Convergence Divergence golden cross as additional bullish confirmation signals.
Solana's derivatives market has also seen increased activity, with open interest in SOL futures surging 10% in a week, according to Coinglass. The majority of derivatives traders with open SOL positions were net long on the asset, but the Bull Bear Power indicator and Relative Strength Index remained neutral.