đ Solanaâs bullish breakout: Will SOL surge to $187?
SOLâs price dropped last week, but its volume also declined. Technical indicators remained bearish on Solana.
Solana [SOL]Â has been having a tough week as the investors were witnessing losses. But the trend can change soon! This was the case as a bullish pattern appeared on the takenâs price chart.
đž Solanaâs upcoming move
CoinMarketCapâs data revealed that SOL was down by over 8% in the last seven days. The bearish trend continued in the last 24 hours as its value dropped marginally.
At the time of writing, SOL was trading at $142.84 with a market capitalization of over $66 billion.
Interestingly, Curb, a popular crypto analyst, recently posted a tweet that revealed something that hinted at a price rise for Solana.
According to the tweet, SOL was in its consolidation phase for a few weeks. After that, the tokenâs price entered a bullish pennant pattern. A breakout above the pattern could push the token to new highs.
đž Is SOL ready for a surge?
As per our analysis of Santimentâs data, SOLâs Weighted Sentiment dropped sharply last week. This suggested that bearish sentiment around the token was increasing.
However, its Social Volume increased, reflecting Solanaâs popularity in the crypto space. On top of that, Solanaâs trading volume also dropped in the recent past when its price declined.
Whenever price drops along with a dip in volume, it indicates that there are chances of a bullish trend reversal.
Nonetheless, at the time of writing, Solanaâs fear and greed index had a reading of 54%. This suggested that the market was in a neutral stage.
Such developments indicate that the price action could move in any direction.
Additionally, the Relative Strength Index (RSI) also registered a downtick.Â
Both of these indicators hinted at a price drop in the coming days. If that happens, then investors might expect the tokenâs price to drop to $127.
