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Prominent crypto analyst Ali Martinez has predicted a potential increase in the price of Solana (SOL), one of the hottest cryptocurrencies on the market right now. The analyst recently highlighted a significant development on the daily Solana chart.
According to his outlook, the technical sell signal on the SOL chart has been rejected. This indicates a bullish trend for Solana, as the cryptocurrency managed to break through the resistance level at $198. The breakthrough suggests the possibility of a further increase in the SOL price and may indicate the start of a new upward trend.
Martinez drew parallels between the current situation and a similar event that occurred last December. At that time, the cancelation of a sell signal for SOL allowed the price to surge through, leading to an impressive 70% increase before the next sell signal emerged. The analyst's comparison suggests that history may repeat itself, providing hope for significant growth for Solana investors.
Over the past week, the price of Solana has increased by 40%, reaching above $200 for the first time since November 2021. Against this background, the Silicon Valley blockchain has grown in capitalization to the $90 billion mark, according to CoinMarketCap, which makes it right now among the top 200 enterprises in the world in general.
Given Solana's performance in recent weeks, investors and crypto enthusiasts are looking out for potential opportunities on the market. Solana's ability to withstand sell signals and capitalize on such events in the past indicates the bullish momentum.
Tomiwabold Olajide
