A promising future seems to be on the horizon as Solana, a potent altcoin, appears to be on the brink of a substantial bullish breakout. There’s potential for the cryptocurrency to rally a staggering 900%, according to Ali Martinez, a respected figure in the crypto analysis sphere. Intensive technical analysis, which hinges on Solana’s bullish pennant pattern, backs up this prediction. If predictions come to pass, Solana could hit a high of $1000.
However, for tangible progress to be realized, Solana will need to first surpass a short-term obstacle. The cryptocurrency must hurdle past $200 in the near future. This perspective is shared by many market observers, including Daniel Cheung from Sycracy Capital who projects that Solana could catapult above $200 before July ends.
Backing this optimism is a noticeable trend: a surge in active addresses instigating a record two-month high of over two million users. The implication is clear; more individuals are actively engaging with this altcoin. However, while heartening, this short-term rally might be susceptible to a lull due to overbought conditions manifested in technical indicators within the price chart, suggesting a possible bearish reversal.
Moreover, derivative market data shows that on Sunday, volume plunged by over 40%, according to Coinglass. This decrease isn’t a surprise, owing to the liquidity constraints typically seen over the weekend. Future price direction could be largely influenced by the upcoming Ethereum ETFs, set to go live on July 23rd. Importantly, market watchers should keep an eye on the $166 and $176 price levels over the next week due to significant liquidity clusters at both levels.