‘Ethereum Killer’ Solana Could Soar To $174, Says Popular Crypto Analyst After Identifying This Bullish Pattern

Popular Crypto Analyst Says ‘Ethereum Killer’ Solana Could Rise to $174 After Spotting This Bullish Pattern

Influential crypto analyst Ali Martinez predicts that Solana (CRYPTO:SOL), often referred to as the ‘Ethereum (CRYPTO:ETH) killer’ due to the growing market optimism around the digital asset, will be in an uptrend.

What Happened: On Monday, Martinez posted his bullish forecast for Solana on X, formerly known as Twitter. He noticed a “W” pattern forming on Solana’s chart, leading him to predict a rally to $174.

The “W” pattern, also called the double bottom pattern in technical analysis, usually appears at the end of a long-term downtrend and signals a reversal of the uptrend.

SOL was last seen trading higher by about $174 six weeks ago in May. If Martinez’s prediction is correct, that would represent a 13% jump from its current price.

See Also: Looking to trade futures? Discover why 25 million choose this Chicago Bulls sponsor.

Why It Matters: Solana’s bullish market sentiment has been supported by well-known analysts in the cryptocurrency space. Syncracy Capital’s Daniel Cheung has predicted that the coin could reach 50% of Ethereum’s (CRYPTO:ETH) market cap, while fellow investor Eugene Ng Ah Sio is confident that the coin will be a market favorite.

VanEck and 21Shares previously filed S-1 registration forms with the SEC for its Solana ETF, marking a significant step toward opening up the world’s third-largest speculative cryptocurrency to mainstream investors.

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This article ‘Ethereum Killer’ Solana Could Rise to $174 After Spotting This Bullish Pattern, Says Popular Crypto Analyst originally appeared on Benzinga.com