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With the asset rising 17% over the previous week, traders are stressing a positive trend on Solana‘s price chart and expecting a possible rise.
Bullish Pennant Pattern
Trading site CryptoBusy in a July 18 article, “SOL Huge PEnnant on the 1D chart noted,” observed Usually, this pattern starts when the price moves significantly lower and consolidates into a triangle-shaped structure. “Be wary of this price action” they said. Likewise, InvestAnswers’ crypto trading account noted that “Solana is still showing impressive strength” in comparison to the larger cryptocurrency market.
Market Performance and Cautionary Notes
Based on CoinMarketCap statistics, Solana has second-highest gain over the previous seven days among the top ten cryptocurrencies by market capitalization, behind only XRP’s 23.57% rise. As of right moment, Solana is trading at $160.94, exceeding its short-term goal as seen by crypto trader Honey.
Honey advised against overleveraging, nevertheless, while Solana is still in a flux. Encouraging her 105,600 X followers to “go easy on the leverage,” she said to them, “this is a pivot area and I’d be cautious with longs.”
Market Performance and Cautionary Notes
Expanding their holdings in line with this optimistic trend are futures traders Based on CoinGlass statistics, Open Interest (OI)—the total value of all existing Bitcoin futures contracts across exchanges—has risen by 22.14% to $2.13 billion during the previous 10 days.
Honey said that while Solana may reach $192, should it fail to maintain its present level, it runs the danger of sliding below $140. A decline to this level would wipe almost $161 million in long bets.
Other traders, such Crypto Tony, think that the $160 level calls for another 1.3% rise as it is not the necessary support for entrance. “Upticking nicely here, reclaiming $161 into support is the next goal,,” said Crypto Tony. “Above $163 is another level to reclaim for an easy, safer entry,” they added.
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