Solana Investors Awaiting the Bull Market 🚀🧧
Solana (SOL), one of the prominent names in the cryptocurrency world, draws attention with a promising upward trend. SOL, which has broken its bullish formation and retested its support in recent weeks, has the potential to reach $250 levels in the long run. Although it has experienced a 0.83% depreciation in the last 24 hours, the overall market mood remains optimistic.
Last week, the price of the SOL saw an increase of over 6%. This increase reveals that the interest in the SOL is strong in the market. However, short-term declines have led to bear rally concerns among some investors. Although the feeling around the LEFT turns negative on July 27, this may not mean the beginning of a sustained downtrend.
The LEFT has scorched above a bullish steak pattern identified in March. This could be a harbinger of a potential bull run. In particular, crypto analyst World Of Charts highlights the SOL's recent pattern breakout and a successful retest of support. This retest could trigger a rally that will increase SOL to $250.
According to World Of Charts, the formation breakout of the LEFT and retesting the support is an important step. This creates great excitement among investors. Coinglass data also shows the increase in the long/short rate. The ratio of long positions to short positions has increased, which indicates a sense of upsish. However, technical indicators give mixed signals.
Do technical analysis and study patterns before investing.
Keep track of long/short rates, which provides information about market sentiment.
Track indicators such as Chaikin Money Flow (CMF) and Relative Strength Index (RSI).
Develop risk management strategies and adapt to instant market changes.
For a shorter-term target, the LEFT could target the $188 level if the bullish continues. However, current market indicators indicate that downtrends may continue, and the LEFT may see a decline as low as the $176 level.
