Solana has started catching traders’ attention worldwide with its W pattern. The crypto is trending on social media platforms, and its chart shows a clear, uplifting pattern.
The ongoing trend hints at a potential resurgence to $175. However, there are multiple factors investors must account for. In the past 24 hours, Solana has gained 1.83% of its market value, trading at $155.96 at the time of writing.
It records a weekly surge of 9.05% and a monthly hike of 7.78%. SOL is one of the few cryptocurrencies that maintains a positive outlook in the market. Its surge has sparked speculation that it may return to new heights.
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Most experts believe that technical indicators suggest a probable continuation of the surge. SOL is combining the rounding pattern at the bottom of the monthly chart with an up-ticking market intrigue.
Despite the growing optimism, it’s worth noting that past performance alone does not equate to concrete future results, especially in crypto.
One thing worth noting is the current market sentiment toward Solana. On the Fear and Greed index, Solana ranks in the Extreme Greed zone as it inches towards the intended $175 mark.
These types of market corrections result in price corrections. Potential liquidations could trigger a pullback to $173 at best and $165 at worst. However, the bullish trend can still continue.
If the hype surrounding the Ethereum ETF’s entry into the US market generates an apt buzz, the entire crypto market, including Solana, can reap massive benefits. However, investors must conduct research and consider their risk appetite before putting money into the market.
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It remains to be seen how long it will take Solana to reach its set mark.
