- Solana bears stepped up in the last 24 hours as its daily chart turned red.
If a bull rally happens, then SOL might first target $188.
As a seasoned researcher with extensive experience in the crypto market, I have closely observed Solana’s [SOL] recent price movements and trends. Over the past week, SOL displayed remarkable strength, with its value increasing by over 6%. However, the last 24 hours showed some signs of weakness as the token dipped by 0.83%.
Following a price rise that lasted for a week, Solana’s [SOL] value has experienced a small decrease more recently. However, this situation could shift rather quickly as the token has successfully undergone a bullish reversal test.
In simpler terms, this episode may trigger another bull market for the token, potentially reaching new price peaks.
Solana’s bullish move
Based on data from CoinMarketCap, Solana’s price has risen by more than 6% in the past week. Yet, there was a downturn in the last day as the token experienced a drop of approximately 0.83% in value.
On July 27th, the recent drop in price led to a more pessimistic outlook, or put differently, an uptick in pessimism towards the token.
As a researcher, I’ve noticed that recent developments in the SOL market could potentially be indicative of an upcoming bull run. However, it is essential to exercise caution as the asset has recently surpassed a previously identified bear pattern. This breakout might not necessarily mark the true beginning of a bear rally reversal.
As a seasoned chart analyst, I’ve noticed an intriguing development with Solana (SOL). The digital asset recently surpassed the resistance level set by the bullish pennant formation on its price chart. Furthermore, it revisited its previous support area as a confirmation of this bullish breakout.
A bullish pennant formed for Solana’s price chart in March. After that, the price has been confined within this pattern, consolidating before making a breakthrough just a few days ago.
Mentioned in the tweet was the possibility that the latest test of Solana’s support could initiate a bull market, potentially driving its price up to a record-breaking $250.
Is SOL to $250 likely?
Instead of aiming for the seemingly lofty goal of $250 in the near future, AMBCrypto chose to explore Solana’s current situation more thoroughly to gauge its potential prospects.
Based on our examination of Coinglass’ statistics, the long/short ratio for Solana (SOL) has risen following a decrease. When this value drops, it signifies that more long positions exist compared to short positions in the market, indicating a bullish trend.
After examining the daily graph of the token, we determined if it was potentially poised to start an uptrend in the short term based on our assessment. According to our evaluation, both the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) of SOL displayed a decrease.
The two technical indicators pointed towards a persistent drop in price. Additionally, the MACD suggested the imminence of a bearish trend reversal.
Realistic or not, here’s SOL’s market cap in BTC’s terms
As an analyst, I would interpret a potential bullish market takeover as possibly pushing Solana’s price back up to $188. If this trend continues, the cryptocurrency may even aim for $250 in the near future.
If the bears maintain control, according to market signals, investors could see Solana’s price falling to $176.
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2024-07-29 08:16