Will Solana hit $160 in July? Some interesting patterns emerge
The post Will Solana hit $160 in July? Some interesting patterns emerge appeared on BitcoinEthereumNews.com.
Solana was at the strong support level of $124 at press time. Trading volume surged by 36% signaling investors’ and traders’ participation. In the last 24 hours, the cryptocurrency market experienced notable selling pressure, after the world’s biggest digital asset, Bitcoin [BTC] fell more than 8%. Other cryptocurrencies including Ethereum [ETH], Solana [SOL], and Binance Coin [BNB] have also experienced significant 24-hour losses of over 10%, 7%, and 13%, respectively, in the last 24 hours, per CoinMarketCap. At press time, the majority of cryptocurrencies were showing bearish trends amid this continued selling pressure. However, Solana had started showing a bullish pattern on its daily chart. Solana: These are some key levels According to AMBCrypto’s analysis, SOL was currently at a strong support level of $124 at the time of writing and below the 200 EMA (Exponential Moving Average). SOL’s daily chart showed the formation of two bullish price action patterns: a bullish double-bottom pattern and a bullish divergence in the oversold area of the Relative Strength Index (RSI). Source: TradingView However, this wasn’t the first time that SOL’s daily chart had shown this pattern. In May 2024, a similar bullish pattern occurred at the same level near $124. There was thus a high possibility that SOL may copy the move that it made in May 2024. If history repeats itself, we could potentially witness a massive price surge of over 22%, reaching the $160 level in the coming days. Despite this bullish outlook, the 24-hour Open Interest (OI) has dropped by 7% showing lower investors’ and traders’ interest in this challenging market, according to Coinglass. Source: Coinglass This drop in OI may be attributed to the liquidation of $25.5 million worth of traders’ positions, with SOL being the third-highest asset to experience this significant liquidation. Whereas, the highest liquidation occurred…
Filed under: News - @ July 6, 2024 12:18 pm