According to Analysts, Solana Has Entered the Resistance Zone: What is the Next Target?

Cryptocurrency prices started to decline on the last day of the week. However, crypto analyst Ali Martinez predicts a breakout for Solana (SOL).

According to Ali Martinez, if Solana can make an upward break, it can increase by 12 percent compared to its current price. This pushes the price of the fifth largest coin, SOL, to $175.

SOL price has increased by 2.6 percent in the last 24 hours, unlike giants such as Bitcoin and Ethereum, and is trading at $163.

“Solana seems to be forming a W formation, which indicates that SOL may rise towards $174,” Martinez said in his post at the beginning of the week. Martinez thinks the $162-$164 range is a resistance zone for Solana.

“If Solana breaks the resistance zone at $162-164, its next target is $175,” the analyst said in his past statement.

The W formation, also known as the double bottom formation and appearing at the end of the downtrend, occurs when two certain bottom points merge on the chart. In this formation, prices move above the previous bottom point after a certain decline. At the second bottom, prices rise to the same level, but find support and enter an upward trend.