Solana at $142? Why Traders Should Consider the Last Three Market Cycles!
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Contributor
Posted:
- SOL is down 15.83% in the last 30 days
- Analysts believe a recovery could be imminent based on previous breakpoint cycles
Solana [SOL], currently the fifth-largest cryptocurrency by market cap, has faced significant volatility throughout 2024. Following a robust performance in 2023, this so-called ETH killer has struggled to maintain its bullish momentum this year.
This shift in market sentiment has resulted in a price drop of approximately 40%, from its all-time high of $209 recorded in March.
Presently, SOL is trading at $130.13 after experiencing a decline of 5.95% over the past week, signaling deepening investor skepticism.
Despite this pronounced downtrend, analysts such as Ali Martinez anticipate that a recovery is on the horizon.
What are the market sentiments suggesting?
The well-known crypto analyst believes that SOL may soon see an uptick based on historical precedence. Martinez highlighted that the TD Sequence indicator has signaled a significant buy opportunity within SOL’s daily charts. He also referenced three prior cycles preceding Solana’s breakpoints, arguing that each cycle from 2021 to 2023 yielded positive price movements.
He shared his insights on X:
“Historically, $SOL tends to rise two weeks before the #Solana breakpoint event. In previous years—35% increase in 2021, another leap of 35% in 2022, and then a remarkable surge of 60% in 2023. With only days left until the upcoming #SOL breakpoint event of this year.”
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