Like many other cryptocurrencies enjoying a bullish phase, Solana ($SOL) is riding the wave, surging almost 13% in a day. Following Bitcoin’s lead, it’s gearing up for more price hikes soon.
Experts like Ali Martinez suggest that Solana might be forming a bullish pattern on its hourly chart. If it breaks above $110 decisively, it could trigger a notable upward movement, according to Martinez’s insights in a recent post.
Martinez’s analysis indicates a potential rise to $163 by the end of the month if Solana maintains this pattern.
Currently priced at $101.65, Solana has surged 12.49% in the last 24 hours, though it’s down 11.17% over the last week. However, over the past month, it’s shown a strong 40.63% gain, as per the latest charts.
Solana’s ecosystem is drawing significant interest, evident from a whopping 600,000 new active addresses in a month. This surge is attributed to its DeFi sector and the popularity of meme coins on its network.
In 2023, Solana was among the top performers in the crypto market, with a remarkable 920% surge. Increased network activity and demand for its native SOL token played key roles in this growth