A widely influential cryptocurrency analyst believes that the layer-1 platform Solana (SOL) could see nearly double growth in the near future.
Analyst Ali Martinez shared with 124,300 followers on the social media platform X that Solana appears to be trading in an ascending channel - a pattern indicating that the asset is in an uptrend.
According to Martinez, Solana seems to be holding the cross support line of the pattern, suggesting the price could rise to the upper limit of the channel.
"Solana (SOL) is testing a crucial support level at the lower boundary of this parallel channel. If it holds above this level, the uptrend could be solidified, pushing the price up to $387!"
At the time of writing, SOL is trading at $204, which means an increase of over 92% if the asset reaches the target price.
In terms of Solana's on-chain activities, Martinez notes that the network is experiencing a strong increase.
"The Solana network is expanding at a rapid pace, with over 5 million new addresses created every day!"
Regarding Bitcoin, Martinez stated that over $6.794 billion worth of BTC has been withdrawn from cryptocurrency exchanges in the past seven days.
"More than 70,000 Bitcoin have been withdrawn from exchanges in the past week, indicating long-term confidence!"
At the time of writing, Bitcoin is trading at $97,932.
