According to U.Today, legendary trader John Bollinger recently highlighted a promising pattern for Solana (SOL), one of the leading alternative cryptocurrencies by market capitalization. Bollinger noted that Solana needs to maintain its position above the lower Bollinger Band and turn upward for confirmation. He suggested that this could present a favorable risk/reward trade, advising traders to place a stop under the second swing low.
At the time of writing, Solana is the biggest laggard among the top 10 cryptocurrencies, trading at $138.69 after a 2.5% decline over the past 24 hours, according to CoinGecko data. Bollinger is not alone in his optimism; another popular cryptocurrency trader, Mister Crypto, also expressed a bullish outlook for Solana in a recent social media post.
Earlier this year, Solana gained significant attention due to the rising popularity of celebrity meme coins. The number of tokens created using Solana-based meme coin factory Pump.fun recently surpassed 1.7 million. However, the initial excitement around meme coins has diminished, leading to a notable drop in network demand and trading activity for Solana.
Despite recent developments, including Bitcoin ETF proposals by VanEck and 21Shares, a Solana ETF seems unlikely in the near future. BlackRock has already dismissed the possibility of proposing a Solana ETF, adding to the uncertainty surrounding the cryptocurrency's next bullish catalyst.
