- SOL’s price increased by more than 12% in the last seven days.
Market indicators turned bearish on the token.
As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I have closely monitored Solana [SOL]’s recent price action and market indicators. Based on my analysis of the available data, I believe that Solana’s bullish trend is far from over.
The cryptocurrency Solana (SOL) has surpassed a significant bullish milestone in its chart, which previously suggested a potential price rise. Additionally, a technical signal suggests it may be a good time to buy SOL.
We can examine the current situation and determine if SolarEdge Technologies (SOL) is likely to maintain its upward trend in the near future.
Solana’s bullish move
According to recent figures from CoinMarketCap, Solana’s value experienced a significant rise of over 12% during the past week. Contrastingly, the previous 24-hour period showed a downturn as the token’s price dipped by more than 1%.
Currently, the price of SOL is at $174.5 in the markets, and its market value exceeds $81 billion, placing it as the fifth largest cryptocurrency by this metric.
Based on my extensive experience in analyzing cryptocurrency market trends, I believe that this recent setback for Solana (SOL) might be just a temporary hiccup. The reason being, as per my observation and analysis of the charts using trusted resources like World of Charts, SOL has managed to break above a bullish pennant pattern. This bullish sign is often indicative of a strong uptrend, especially when the price surge is accompanied by significant volume. In fact, I’ve seen similar patterns in my past analyses lead to impressive gains for investors. For instance, in this case, SOL was already running with a profit of around 25% shortly after breaking above the pattern. So, while it’s important to remain cautious and keep an eye on market volatility, I’m optimistic about the potential for continued growth in SOL’s price.
Should SOL maintain its current trajectory, investors could be in for another significant price surge in the near future.
In addition to his latest tweet, well-known cryptocurrency analyst Ali has pointed out another promising sign. Specifically, the Technical Analysis Signals Indicator (TD) for Solana has triggered a buy signal.
When this occurs, it means that the chances of a price uptick are high.
Is Solana ready for a bull rally?
After examining SOL‘s on-chain data through AMBCrypto, we identified several metrics indicative of an impending bull rally. Notably, this Solana token’s trading volume stayed robust over the past week, implying a bullish trend.
The social buzz surrounding Solana grew significantly, indicating its rising popularity. Moreover, its Weighted Sentiment shifted to positive territory, underlining the prevailing optimistic sentiment among investors towards the token.
After assessing the situation, we intended to examine Solana’s (SOL) daily price chart next. Based on our evaluation, the token’s price had reached the upper boundary of the Bollinger Bands, a common occurrence that usually leads to price adjustments.
The RSI reading decreased as well, increasing the possibility of a price decrease. However, the MACD indicated a bullish trend in the market.
Based on our examination of Hyblock Capital’s data, it wouldn’t come as a shock if bears dominated the market and caused Solana (SOL) to fall to $166.
In the case of a persistent bull market, it’s possible that the price of SOL could reach $190 within the near future.
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2024-07-23 17:12