- Solana’s share price has risen by more than 22% in the past seven days
- Most data were bullish, but market sentiment remained bearish
Solana [SOL] Bulls have been keeping a close eye on the market over the past month as the token’s price charts remained green at the time of writing. However, further upside could be triggered by a bullish breakout, especially if SOL continues to test the pattern. Therefore, it is worth looking at that scenario.
Solana holds her ground
According to CoinMarketCapSolana’s price has risen more than 22% in the past seven days. In the last 24 hours alone, the token’s price has increased by more than 5%. At the time of writing, SOL was trading at $169.98 with a market cap of over $78.9 billion.
World Of Charts’ recently appeared facts pointed out a development that could have helped SOL gain value in recent weeks. According to the same, a bullish pennant pattern appeared on the price chart of the token, and SOL has been consolidating in it since March.
At the time of writing, SOL was on the verge of an outbreak. If that happens, the altcoin could start a bull rally towards $300 in the coming weeks.
Source:
But that’s not all, because Santiment also shared one tweet to draw attention to an interesting development.
The on-chain analytics platform found that Solana’s faithful have been rewarded for their patience as the alt’s price has broken through +33% since July 4. The tweet mentioned
“The climb is fueled by public doubt towards SOL. Until FOMO replaces FUD, $200 SOL will soon be very feasible.”
Will SOL reach $200 soon?
AMBCrypto then looked at the token’s on-chain data to see if a rally towards $200 was likely to occur.
Our look at Coinglass data showed that SOL’s long/short ratio rose sharply on the charts. A rise in the metric means that there were more long positions in the market than short positions – a bullish sign.
Source: Coinglass
Solana’s trading volume also rose last week, while its price rose. Whenever the trading volume rises along with the price, it acts as a basis for the ongoing bull rally, indicating a continued rise in price.
Nevertheless, it was surprising to see that SOL’s weighted sentiment remained in the negative zone, indicating that bearish sentiment was dominant in the market.
Source: Santiment
On the price charts, the technical indicator MACD showed a clear bullish advantage on the market. However, the Chaikin Money Flow (CMF) turned bearish as it registered a decline, indicating a possible price correction would occur soon.
Is your portfolio green? look at the SOL profit calculator
Finally, AMBCrypto’s analysis of Hyblock Capital’s data revealed that if the bulls continue to lead the market, SOL’s path towards $200 will be virtually clear.
However, in the event of a trend reversal, investors could see SOL drop to $154 on the charts.
Source: Hyblock Capital