Solana has recently registered some minor profits by 5.05% in the last seven days. However, this positive form follows a period of significant decrease in the market observed in most of the last 30 days. According to the famous Market Analyst Ali MartÃnez, Solana is well located to maintain her current higher trend with some serious potential price objectives.
$ 225 or $ 264: How high can fly?
In Recent publication In X, MartÃnez provided a bullish prediction in the Sol market that suggests multiple price objectives. This positive forecast is based on Fibonacci’s backward levels and the formation of a parallel channel in the Sol/USDT channel.
According to the encryption analyst, Solana is generally moving in an ascending channel that indicates a general upward trend despite the recent market salsa. Interestingly, Altcoin has now bounced on the lower limit of this channel to $ 197.87 (0.618), which suggests a potential support zone.
Therefore, MartÃnez Postula Sol is prepared for a price rally according to his position on the ascending channel. With sufficient purchase pressure, the Altcoin is inclined to break over $ 225 (0.786) with the potential to operate up to $ 264. According to Fibonacci’s recoil levels, a massive increase in Solana’s demand could stimulate token to a new historical maximum of $ 355 (1,414).
Alternatively, if Sol falls below $ 197, that is, the upward channel, the next main support is around $ 181 (0.5). In the advent of overwhelming sales pressure, perhaps due to negative macroeconomic developments, the currency could fall as low as $ 125 (0).
Solana maintains the domain of the Ethereum rate
Since January 9, Solana has constantly registered a higher average transaction rate of 7 days than Ethereum according to a report By analytical crypto signs Glassnode. While the domain of Solana has weakened in February, there is still a significant difference of the weekly transaction rate of more than $ 3 million, which suggests Greater network participation and user participation than Ethereum.
In general, this development could be attributed to the high market activity in the Solana Memecoin ecosystem that has produced high value tokens such as Trump. However, Ethereum remains the most valuable intelligent contract platform with a market capitalization of $ 329.7 billion that supports the dominant projects in the Defi and NFT space.
At the time of writing, Sol quote $ 199 after a gain of 1.92% on the last day. In larger time frames, Altcoin has increased by 3.20% in the last 7 days. With a market capitalization of $ 98 billion, Solana continues to classify as the fifth largest cryptocurrency in the world.
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