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Analyst Reveals What Must Happen for Solana to Hit $90 as SOL Nears Ascending Triangle Apex

source-logo  thecryptobasic.com 08 December 2023 15:27, UTC

Veteran market analyst Ali Martinez has revealed the condition necessary for Solana (SOL) to clinch the $90 territory, as the crypto asset approaches the apex of an ascending triangle on the 12-hour timeframe.

Ali disclosed this on X in a recent analysis. Data from an accompanying chart confirmed the formation of an ascending triangle. Solana started forming this triangle in November, as it began recording massive gains from Nov. 9.

Solana eventually soared to a high of $68.18 on Nov. 16 amid the sustained uptrend. The asset faced resistance at this high, but the resistance did not trigger major price slumps, only an extended consolidation between $51.28 and $62.28.

SOL resumed its upsurge at the start of December amid the broader market rally triggered by Bitcoin (BTC).

As Solana’s uptrend continued, the crypto asset successfully formed the ascending triangle. Ali’s chart shows that Solana is now on the verge of reaching the tip of the triangle.

Solana Ascending Triangle | Ali Charts

The analyst suggested that if the asset can break above the upper trendline of the triangle, its bullish trend could continue.

However, he advised investors to remain cautious, as the crypto market remains unpredictable. It remains unclear if SOL has enough momentum to sustain the ongoing trend.

Condition for Solana to Hit $90

Nonetheless, should the cryptocurrency break above the upper trendline of the triangle, Ali sets an area of interest at $68.18, stationed at the Fibonacci 1 level. According to the analyst, Solana’s ability to register multiple 12-hour closes above this $68.18 threshold is pivotal to its next direction.

He asserted that SOL could register a massive move to clinch the $90 zone if it can record these bullish closes. As of press time, Solana has broken above this pivotal price point, currently trading for $73.44. Data from Ali’s chart suggests that SOL still has several roadblocks on the path to $0.90.

The first resistance from this level sits at the Fib. 1.272 point, reflecting a price threshold of $79.92. Should Solana breach this level, it would bring the $86.83 at Fibonacci 1.414 into play. SOL would have to conquer these two pivotal resistance points to clinch the $90 price.

Nonetheless, Ali’s analysis emphasizes the need for caution. He noted that a sign of weakness in Solana’s price action could lead to investors engaging in aggressive profit-taking trades. If this occurs, SOL could drop to the $47 support level, plummeting below $60.17, $54.55 and $50.91.