Investors seeking potential future targets for this digital asset may find information in a post published by crypto analyst Ali Martinez on X on December 7.
The post highlights the importance of the ascending triangle formed by Solana on the 12-hour chart. While this ongoing pattern signals further SOL progress, caution is advised.
The post states that Solana is at 68Staying above $2** and maintaining support at the $60 support level is the key factor driving it towards the $90 threshold. According to the latest developments, Solana not only exceeded this threshold, but also closed above the ** range, indicating that the bullish momentum was maintained in the short term.
Over the past 24 hours, Solana has shown signs of a bullish run, including an increase in its total locked-up value from $600 million to $8$3.3 billion, according to a December 9 report by Step Data Insights.
Will Solana's rally continue?
Solana's native token, SOL, has received a lot of attention due to its swift popularity, topping $70 and is currently around $77 per coin, which is an increase of more than 500% since January 1st.
SOL's recent rally has made it one of the best performing coins in the alternative coin market alongside Cardano and Alanche, both of which have experienced weekly gains of more than 40%.
In addition, according to Defillama data, Solana's total value locked (TVL) increased to about 6$700 million. But this figure is still well below the levels observed in the fourth quarter of 2021, when SOLs** reached more than $250 and TVL exceeded $10 billion.
Not only are traders confident in Solana's performance and future, but investment firm Vaneck also expects Solana to join the crypto spot ETF race in 2024, according to analysts Matthew Sigel and Patrick Bush in a newly released report.