As many assets in the cryptocurrency market take a more bullish turn, Solana (SOL) is no exception, having raced nearly 13% in one day as it follows the cue from the industry’s representative, Bitcoin (BTC), and prepares for more significant price gains in the near future.
Indeed, Solana is demonstrating signs of forming a bull flag on its hourly chart, and a “decisive close above the $110 resistance level could be the catalyst for a significant upward move,” as observed by crypto trading expert Ali Martinez in an X post published on January 9.
Moreover, according to Martinez’s analysis, Solana could also be “heading toward an ambitious target of $163” toward the month’s end, provided that the fifth-largest crypto asset by market capitalization manages to sustain the exhibited chart pattern, as the analyst’s chart suggests.
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Solana price analysis
As things stand, the price of Solana at the time of publication amounted to $101.65, which suggests an increase of 12.49% in the last 24 hours, a decline of 11.17% across the previous seven days, and a 40.63% gain over the past month, as the most recent charts indicate.
Overall, Solana is witnessing a massive increase in interest in its ecosystem, illustrated by the fact that it has recently added about 600,000 active addresses in a single month, thanks to its decentralized finance (DeFi) sector and the popularity of meme coins on its network.
On top of that, it was one of the best-performing assets in the crypto market in 2023, surging by a whopping 920% during the past year, partially due to the increased network activity that has brought more value to its ecosystem and more demand for its native SOL token.
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