As Solana (SOL) continues to enjoy notable bullish momentum, the fifth-largest cryptocurrency based on market value is eyeing a leg up that could see it surge to the $174 price level.
Recognizing this development, renowned market analyst Ali Martinez took to X, formerly Twitter, and acknowledged, “Solana appears to be forming a W pattern, which suggests SOL will surge toward $174.”
Source: Ali Martinez
W pattern or double bottom indicates a bullish price movement since an asset has bottomed two times at the same price level. As a result, it presents a buy-the-dip opportunity.
Based on the above chart, Solana has already formed consecutive bullish candles, which is why Martinez believes that SOL will reach $174.
According to CoinGecko data, Solana was up by 12.5% in the past week to hit $171.70 at the time of writing.
Is Solana Gearing up for an ETF?
With exchange-traded fund (ETF) having already gained significant momentum in the crypto market, Solana might be eyeing this field, according to senior Bloomberg analyst Eric Blachunas.
The analyst pointed out, “After the launch of Ether ETFs, there will be additional flows and more Ethereum products, then Solana, and it’s probably never going to end. The dam has broken.”
ETFs have been igniting the crypto fire, with Bitcoin being a major beneficiary since they helped the leading cryptocurrency hit a new all-time high (ATH) of $73,800 back in March.
On the other hand, Ethereum ETFs are scheduled to start trading later this month. Therefore, it remains to be seen whether Solana will follow Ethereum and Bitcoin’s footsteps.
Bullish signs have been popping up in the Solana ecosystem, given that the altcoin seems to be mirroring its 2021 pattern, and this has the potential of thrusting it to the $250 zone in the near future.
