The 7th-largest cryptocurrency by reported market cap, Solana (SOL), looks poised for its next leg up as it continues to consolidate within a rising channel pattern on the 4-hour chart. The digital asset is expected to rise back to triple-digit zone in the near-term, strengthening its bull case.
Solana ready to surge to $93
SOL is eyeing the $93 price target, seasoned crypto analyst Ali Martinez said in an X post on Monday. The analyst remarked that the digital asset’s price is now testing the lower boundary of the rising channel pattern, which could offer a buying opportunity if the support holds.
For the uninitiated, a rising channel is a chart pattern where price moves higher between two parallel upward-sloping trendlines, with the lower line acting as support and the upper line serving as resistance.
Traders look for bounces from the lower boundary as potential buying opportunities, while a break below the channel may signal weakening bullish momentum.
Martinez shared the following chart, highlighting that if SOL is able to get a strong rebound from the channel’s support level, then a rally to $93 would not be out of the question. However, SOL must ensure it does not fall below $72.
Meanwhile, on a higher time-frame of 1 day, crypto analyst Daan Crypto Trades noted that if the SOL bulls are able to sustain the bullish momentum, then the digital asset could take another stab at $90. If not, then a move down to $60 cannot be ruled out.
It is worth emphasizing that 2026 has been nothing short of a disappointing year for SOL. On the monthly chart, SOL has printed 9 consecutive red bars, only creating a green bar in July.
Overall sentiment largely bearish
While SOL has scored some minor bullish victories, the overall sentiment toward the digital asset still remains overwhelmingly bearish. The cryptocurrency faces fresh downside risk after failing to sustain its wedge breakout.
On June 25, SOL lost its positive momentum as the MACD divergence signaled weakness for the cryptocurrency. Perhaps the most alarming forecast came on June 29, when a crypto analyst said that SOL may actually never hit a new all-time high again.
