- The price of SOL has risen more than 12% over the last 7 days.
- Market indicators have turned bearish for the token.
Solana (SUN) It successfully broke out of a major bullish pattern that suggests continued price gains in the coming days. In addition, indicators flashed a buy signal for SOL.
Let’s take a look at what’s happening and assess whether SOL can continue its rally in the coming days.
Solana’s bullish move
CoinMarketCap’s data Solana’s price has increased by more than 12% over the past 7 days. However, the last 24 hours have seen a downtrend with the token price dropping by more than 1%.
At the time of writing, SOL was trading at $174.5 billion and had a market cap of over $81 billion, making it the fifth-largest cryptocurrency.
But this recent setback could be short-lived as SOL breaks out of its bullish pattern. World of Charts’ latest TwitterSOL broke out of a bullish pennant pattern and was already up 25%.
If SOL continues this trend, investors may witness another big price rally in the coming days.
In addition, Ali, another popular cryptocurrency analyst, recently posted: Twitter Highlights another bullish development. In particular, Solana’s TD streak gave a buy signal.
When this happens, it means that prices are likely to rise.
Is Solana Ready for a Rally?
AMBCrypto checked the token’s on-chain data to see which indicators suggest a bullish rally. We found that SOL’s trading volume has remained high over the past week, which could be inferred as a bullish signal.
Additionally, social volume has also increased, reflecting its popularity. Additionally, Solana’s weighted sentiment has entered positive territory, indicating that bullish sentiment surrounding the token is dominant in the market.
Then I planned to check the daily chart of the token. According to the analysis, the price of SOL reached the upper limit of the Bollinger Bands, which often leads to price corrections.
Additionally, the Relative Strength Index (RSI) was in a downtrend, further suggesting that the price is likely to fall. Nevertheless, the MACD was bullish in the market.
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Analyzing data from Hyblock Capital, we wouldn’t be surprised to see SOL fall to $166 if a bear market takes over.
However, if the bull market continues, investors could see SOL reach $190 in the coming days or weeks.