Solana Poised for 2x Price Surge, Bitcoin Exchanges See $6.794B Outflows

Solana, a leading layer-1 blockchain platform, is poised for a significant upswing, according to a prominent crypto analyst. The analyst, Ali Martinez, believes that Solana's (SOL) current trading pattern suggests a potential 2x surge in its price.

Martinez, who has over 124,300 followers on the social media platform X, points out that Solana is trading within an ascending channel, a pattern that indicates an uptrend. The asset is currently testing a key support level at the lower boundary of this channel. If Solana holds above this level, it could strengthen the uptrend and drive the price up to $387.

At the time of writing, SOL is trading at $201, which means a potential over 92% gain if the asset reaches the target price. Martinez also highlights the strong adoption of the Solana network, with over 5 million new addresses created daily.

In addition to Solana, Martinez also notes the recent activity in the Bitcoin market. Over $6.794 billion worth of BTC has been withdrawn from crypto exchanges in the last seven days, signaling long-term confidence in the asset. At the time of writing, Bitcoin is trading at $96,932.