Solana (SOL) appears to be recovering from the recent market carnage, following the larger market trend. SOL is up 6.7% in the past 24 hours and 5.1% on the 14-day chart. The asset continues to be in the red on the weekly and monthly charts, down 4.3% and 10.3% respectively.

The market reversal suggests traders are getting over concerns about the Mt. Gox Bitcoin compensation and the German government’s massive BTC sale. Inflows into BTC ETFs are also picking up again.

Solana reflects 2021 pattern

Ali Martinez, a well-known cryptocurrency analyst, shared with fans on X that SOL is mirroring its 2021 price pattern. The analyst also highlighted that the asset’s RSI (Relative Strength Index) is similar to 2021. The last time this pattern occurred, the crypto market exploded higher, with many assets hitting new all-time highs. With the crypto market showing signs of recovery from the recent sell-off, we may soon see a rebound across the market.

CoinCodex analysts predict that Solana will continue to trade around current levels in the coming weeks. The platform expects SOL to reach $158.48 by the end of the month, which would be an increase of about 11.2% from current levels.

Changelly does not think SOL will break the $150 threshold this month. The platform expects SOL to reach a peak of $147.26 in July 2024.

The launch of an Ethereum ETF later this month is another factor that could spark a rally across the board. The launch of a BTC ETF earlier this year sparked a massive influx of funds into the cryptocurrency market. A similar trend could be seen with an Ethereum ETF.