The post Solana Mirroring 2021 Bullish Pattern, Crypto Analyst Reveals appeared on BitcoinEthereumNews.com.

An analyst has explained how Solana (SOL) is currently mirroring the same pattern that led to a bullish breakout for its price back in 2021. Solana Appears To Be Showing Similar Trend To 2021 Right Now In a new post on X, analyst Ali Martinez has discussed about how the pattern recently forming in SOL has been reminiscent of what the cryptocurrency showed back in the July of three years ago. Related Reading Below is the chart shared by the analyst, that highlights the similarity between the two periods: Looks like SOL may be gearing up for a move towards the upside | Source: @ali_charts on X As is visible in the graph, the Solana 3-day price has so far shown a trajectory that has been similar to the one in 2021. Not only that, the current Relative Strength Index (RSI) is also at around the same level as the one back then. The RSI refers to an indicator in technical analysis (TA) that basically measures the speed as well as the magnitude of the recent changes occurring in SOL’s price. This momentum indicator is generally used for determining whether the asset’s price is fair or not. When the indicator has a value greater than 70, it’s a potential sign that the cryptocurrency is becoming overvalued as its price is growing too quickly. As such, corrections can become more likely in this region. On the other hand, the metric being under 30 implies a possible oversold condition is forming in the asset, meaning that a bottom could be probable to form in its price. From the chart, it’s visible that the RSI is at around 40 for Solana currently, suggesting that the asset is slightly leaning towards being undervalued. Interestingly, back in 2021, this same RSI level led to a…

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Filed under: News - @ July 9, 2024 10:14 pm