The post Solana bulls gear up for a rally as Bitcoin slips – What now? appeared on BitcoinEthereumNews.com.

SOL bulls prepare for another run as bears run out of steam. Bitcoin dominance slides, paving the way for altcoin season hopes, but can SOL capitalize? Solana [SOL] has been one of the top performing cryptocurrencies in the last 12 months. Few top coins have come close to its gains and ability to achieve a strong bounce back after every major dip. But will a similar outcome play out this time? SOL bears have maintained dominance since the last week of August as market sentiment dipped. This has consequently pushed SOL into an important price level, around $120, which has historically acted as support at least for the last 6 months. Source: TradingView Moreover, SOL price recently demonstrated consolidation above the same level in the first week of September. Sell pressure has notably tapered out which suggests that there could be some accumulation taking place. Our assessment of SOL demand revealed a spike in the number of net longs to over 18 million NLs at the $128 price level. A sign that market sentiment is shifting in favor of the bulls. Nevertheless, this also highlights risk of heavy liquidations which may see price dip lower. A leverage shakedown may have already happened 2 days ago when price dropped below $128, all the way to the support band. Source: HyblockCapital Can SOL bounce back strong as altseason trends? Aside from the observed consolidation, SOL may also enjoy a flood of liquidity now that altcoin season is trending. Bitcoin dominance trended lower in the last five days, indicating growing focus on altcoins. SOL has been one of the most attractive altcoins so far this year, which puts it in the crosshairs of investors looking for the best opportunities. Solana transactions and on-chain volumes have been declining since the last week of August.…

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Filed under: News - @ September 9, 2024 11:22 am