Salt (NO)recently flashed a buy signal, suggesting that now could be a great time to accumulate altcoins. The development comes as cryptocurrency analysts, including Ali Martinezpredicted a significant escalate in Solana prices.

Solana sends buy signal

Ali Martinez revealed on X (formerly Twitter) fasting that the TD sequence presented a buy signal on the daily Solana chart, indicating that the altcoin could bounce off the lower boundary of the parallel channel towards the middle or upper boundary. The cryptocurrency analyst mentioned that the altcoin has been consolidating in this channel since April this year.

Martinez also shared his insights on how Solanum could rise if this bounce occurs, revealing that the mid and upper bounds are set at $154 and $187 respectively. Martinez was bullish on Solana as he had previously predicted Solana to hit $1,000 in this bull run.

Meanwhile, Martinez warned that Solana witnessing a sustained close below the lower boundary of the channel at $126 could invalidate this trade setup and trigger a significant correction in the altcoin’s price, causing it to fall to from just $110 or even $90.

Martinez is not the only analyst who predicted that SOL would soon rebound and bounce back. Cryptocurrency Analyst Moon also recently suggested that the altcoin could rise to $155, depending on how events play out. The cryptocurrency analyst noted that Solana is trading in a descending triangle, which he highlighted in the attached chart.

Based on this, he stated that $155 is a possible target for the altcoin. However, Solana could also suffer from more downside pressure and fall as low as $112.50. However, a drop to this price level gives investors an opportunity to accumulate more Solana at such low prices, especially since the altcoin is still likely to reach fresh all-time record (ATH) at some point in the market cycle.

SOL could drop to as low as $80

Crypto Kaleo Cryptocurrency Analyst provided Solana with a much more bleak outlook, anticipation that the altcoin could drop as low as $80 before reaching a fresh ATH. Solana last dropped into the $80 range in January this year, just before climbed above $100a support level it has held since then. The accompanying chart, shared by the crypto analyst, shows that Solana could surge to $375 following this corrective move.

Cryptanalyst Unknown Trader had made similar forecast to Crypto Kaleo, pointing to the $77-$83 range as ideal areas for spot bids Solanum. However, while Crypto Kaleo believes that a drop in SOL into the $80 range will occur between now and October, the accompanying chart from Unknown Trader showed that price correction won’t happen before next year.

At the time of writing, Solana shares are trading at around $127, down almost 1% in the past 24 hours, according to data data from CoinMarketCap.

Featured image created with Adobe Stock, chart from Tradingview.com