Altcoin news: Last week, Solana struggled in a narrow range, following the fluctuations in the cryptocurrency market. On Saturday, August 24th, SOL price surged after the news of Federal Reserve Chairman Jerome Powell's interest rate cuts and the increase in Bitcoin price, also influenced by the political events surrounding Donald Trump.

However, crypto analyst Ali Martinez predicted the future of the altcoin by identifying an important formation on the SOL charts.

Why is the Solana price rising?

Solana price has been quite stagnant for the past seven days. The charts have been predominantly red. However, with the market recovery in the last two days, SOL price has shown a 10% increase. Behind this rise are the news of Robert F. Kennedy's withdrawal from the presidential election and his support for Trump, which is closely related to US policy, as well as the news of Solana ETF approvals. R.F. Kennedy's withdrawal has strengthened Trump's pro-crypto stance and optimism in the crypto sector.

In addition, the approval of Solana ETFs in Brazil weakened the SEC's stance on Solana EFTs. Subsequently, Solana's new partnership with Casio had a positive impact on the price. Moreover, this development will increase the adoption rate of the altcoin.

Ali Martinez: New formation on SOL chart

Popular crypto analyst Ali Martinez explained in one of his recent X posts that the Solana chart is forming an Adam and Eve pattern, which usually occurs within a downtrend. This formation indicates a reversal of the ongoing trend and suggests a rise after two bottoms formed in a V and U shape. According to Martinez, if the SOL price surpasses this resistance level, it could show a 33% increase, potentially reaching $220, indicating the price of the altcoin.

Source: XSince the beginning of August, SOL price has been trading below the resistance level of 170 dollars. Its highest peak in the last month was at the level of 163 dollars and it has not yet reached this level with its current rise. In order to reach the analyst's target of 200 dollars, it needs to surpass the resistance of 163 dollars first.

Current SOL analysis

Finally, when we look at the SOL chart, the altcoin is supported at $157 with a 9.81% increase and the rising trend is supported by a 116% increase in trading volume. When we look at the technical chart, on Friday, August 23, the +DI line in the DMI indicator signaled the upward trend by cutting the negative DI index upwards.

Solana technical chart Source: CoinMarketCap It is also considered a positive sign that the price candles began trading within the green-colored Ichimoku Cloud. The Relative Strength Index (RSI) is currently at 56 in the neutral zone. With technical data giving positive signals, if the price of the altcoin exceeds 160, it could move towards its highest peak five months ago, which was $210. As Solana continues to recover, play-to-win crypto projects like Meme Games, which are inspired by the 2024 Olympics, are also attracting attention.

The official meme olympic games of 2024 Meme Games

Inspired by the theme of the Olympic Games, Meme Games is based on the competition between five different meme characters in various games. Developed in a competitive game theme, each contestant has an equal chance of winning within the game.

In the Meme Games, there is a chance to earn a 25% bonus on the first participation. Thus, the Meme Games project, which tries to attract more users, offers the advantage of getting MGMES tokens early in the presale stage without increasing the price after the launch.

Visit Meme Games

1 MGMES token is trading at $0.0093 at the time of writing this article. The project, which quickly raised $1,093,190 in the presale phase, is starting to strengthen in terms of the community and may enter the high potential cryptos after the launch. Lastly, Meme Games, which also has staking advantage, offers a 492% annual passive income. It is possible to add MGMES tokens to the wallet via ETH, USDT, and BNB to take advantage of early purchase.

The information in the text is purely informative. It does not constitute any investment advice. Cryptoparahaber.com is not responsible for any profit or loss resulting from your investments. Ultimately, investment is based on many factors such as knowledge, experience, research, personal decisions, etc.

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