Solana (SOL), the 7th-largest cryptocurrency with a market cap of $44.15 billion as of Monday, could be eyeing the coveted three-digital price target. Seasoned crypto analyst Ali Martinez highlighted several indicators that suggest that SOL is on the path to hit $100.
Solana getting closer to $100
In a Monday X post, Martinez put light on several indicators that suggest that SOL is inching closer to the psychologically important $100 price level. According to Martinez, SOL is trading within a parallel channel on the daily chart.
The analyst shared the following SOL daily chart, saying that if SOL breaks above the mid-range near $78, then it could trigger a move toward the channel’s upper boundary around the $100 price zone.
For the uninitiated, a parallel channel is a chart pattern where price moves between two upward- or downward-sloping trendlines that remain roughly parallel, creating a defined trading range.
Traders watch for a break above the upper boundary as a potential bullish signal, while a break below the lower boundary can signal further downside.
Besides the aforementioned technical pattern, SOL’s TD Sequential has also flashed a buy signal on the daily chart. Typically, the TD Sequential anticipates a 1–4 candle upswing or the start of a new bullish countdown.
With SOL’s resistance trendline at $78.70 – near the mid-range – this level is key for confirmation. If it breaks through, expect a swift move toward $98 in the coming weeks.
SOL MACD prints golden cross
The third indicator highlighted by Martinez is the SOL moving average convergence divergence (MACD) printing a golden cross. It is yet another sign that the digital currency is likely reaching a bullish breakout.
If all the aforementioned 3 signals are confirmed, then SOL can easily be trading around $100 in the coming weeks. Failure to propel from bullish momentum could mean SOL may fall back to support level around $68.
Add in the positive momentum generated from a constantly shrinking active circulating supply, and a higher burn rate, SOL could be in for a parabolic price appreciation in the coming weeks.
