After a relatively solid performance in January when Altcoin reached $290, Sol began in February with a deep fix below the $200 level. However, Solana Price may be heading towards a new all-time high as it continues to trade within its rising channels in a larger time frame.
Here's how Sol Price can rise to an all-time high
In a February 8th post on the X Platform, popular Crypto analyst Ali Martinez portrayed a fresh perspective on Solana Price over the coming weeks. According to traders, Sol's prices could experience a significant rally, exceeding $387, above the current record high.
The reason behind this bullish prediction is the formation of channel patterns that rise to the Solana charts for daily time frames. The rising channel is a technical analysis pattern consisting of two major (upward) trend lines. The upper line connecting the swing high and the lower line connecting the swing low.
Typically, the price of an asset remains within the upward channel. In many cases, the upper boundary acts as a resistance region, and the lower trend line acts as a support zone. Investors can trade when prices change between the support and resistance levels of the pattern, or when they enter a position following a breakout or breakdown.
Source: Ali_charts/X
According to analysts at Crypto, this level of support is around $195 and could serve as the newest springboard of all time for Solana Price Rally. Martinez submitted a $387 target in the analysis. This represents a gathering that is more than 91% from the current price range.
Solana prices at a glance
At the time of this writing, Sol's price has recovered above $200, reflecting an increase of over 4% over the past 24 hours.
The price of SOL reclaims the $200 level on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured Images of Aivaras Sakurovas | DreamStime.com, TradingView Chart
