Solana’s Bullish Breakout: Will SOL Soar to $187?
SOL’s price fell last week, and so did its sales;
Technical indicators are still not optimistic for Solana;
Solana [SOL] has had a tough week this week as investors lost money. But that will change soon! Once the acquired party’s price chart shows an uptrend, the turnaround will come;
What’s next for Solana?
According to CoinMarketCap data, SOL has fallen by more than 8% in the past week. The decline is still continuing, and it has fallen a little more in the last 24 hours.
At the time of writing this article, SOL is trading at $149.559, with a market capitalization of more than $66 billion.
Is SOL about to see a big rise?
Because the token is showing signs of rising in price, AMBCrypto plans to study Solana’s on-chain data to see what will happen next.
We looked at the data from Santiment and found that Solana's sentiment index fell a lot last week, indicating that people are becoming less and less optimistic about it.
However, there are more social discussions, which seems to indicate that Solana is still very popular in the cryptocurrency circle. In addition, Solana's trading volume has also decreased recently due to the recent price drop.
When the price drops, the trading volume also drops, which is often a signal that the upward trend is about to reverse;
However, Solana's fear and greed index is now 54%, which is considered a neutral stage.
These changes indicate that the price may go either way.
So, AMBCrypto took another look at Solana's daily chart. What's not good is that the technical indicator MACD shows that the market is still bearish.
In addition, the relative strength index (RSI) has also fallen;
Both indicators suggest that the price may fall further in the next few days. If this is the case, investors may have to prepare for the token price to fall to $127.
However, if the bulls can turn the tide, SOL may soon rise to $162. It has broken through $162 and may continue to rise to $187.
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