Traders note a bullish pattern emerging on the Solana price chart, with assets rising 17% over the past seven days.
"SOL HUGE PENNANT on the 1D chart, CryptoBusy trading resource wrote in a July 18 post. "This pattern occurs when prices consolidate inside a triangle-shaped pattern after a strong downward move.
watch for this price movement, they claim. Meanwhile, #cryptocurrency trading account InvestAnswers believes that "Solana is still showing impressive strength" against the rest of the cryptocurrency market.
According to CoinMarketCap, among the 10 largest cryptocurrencies by market capitalization, #Solana (SOL) has posted the second largest gain (17.01%) over the past seven days, behind #XRP (XRP), which is up 23.57%.
According to crypto trader Hani, Solana is trading at $160.94, which is above its "short-term target.
Hany warned against getting too carried away with the asset while it is still in uncertain territory.
"This is a reversal zone, so beware of long positions if you enter here, she wrote, once again addressing her 105,600 X subscribers, "leverage should be moderate.
futures traders are also expanding their positions in a bullish pattern.
According to CoinGlass, over the past 10 days, #bitcoin futures trading volume on exchanges has increased 22.14% to $2.13 billion.
Honey notes that while the price could rise to $192, there is also a risk of it falling to $140 if the current level is not held.
A fall to that level would wipe out about $161 million in long positions.
On the other hand, some traders, including Crypto Tony, believe that the round level of $160 is not a critical entry support and a further 1.3% bounce is needed.
We still have a lot of room for growth, and the next goal is to return to the $163 level as support, said crypto trader Crypto Tony (pseudonym).
Above $163 is another level that needs to be returned for an easy and safe entry, he added.
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