- Solana bears have risen in the past 24 hours as the daily chart has turned red.
- If a bull run occurs, SOL may target $188 first.
After a week of price increases, Solana [SOL] A minor price correction has been observed recently. However, the scenario could change soon as the coin has managed to test the bullish pattern once again.
This event meant that the token could soon begin another bull run, propelling the token to new highs.
Solana’s bullish move
according to CoinMarketCapSOL price has risen by over 6% over the past seven days, although there has been some setback over the past 24 hours as the token’s value plummeted by 0.83%.
The recent price drop negatively impacted the weighted sentiment on July 27, suggesting increased bearish sentiment towards the token.
Source: Santiment
However, this may not actually be the start of a bearish rally as SOL has recently risen above a bullish pattern.
Popular crypto analyst World Of Charts recently Tweet It highlights the fact that SOL has broken out of a bullish pennant pattern and retested that support.
To clear up any misconceptions, a bullish pennant pattern emerged in March and since then, Solana price has been stable within the pattern before breaking out a few days ago.
The tweet also mentioned that a retest of recent support could initiate a bull run that could send Solana to an all-time high of $250.
Source: X
Is there any chance the SOL could go up to $250?
Since the goal of reaching $250 seemed a bit too ambitious in the short term, AMBCrypto planned to take a closer look at the state of SOL and see what we can expect from it.
Analysis of data from Coinglass showed that SOL’s long/short ratio increased after the drop. A drop in the indicator means that long positions were more than short positions in the market, which is considered a bullish signal.
Source: Coinglass
We then checked the token’s daily chart to see if a bull run would indeed set in in the short term. According to our analysis, SOL’s Chaikin Money Flow (CMF) recorded a decline, as did the Relative Strength Index (RSI).
These two technical indicators suggest that the price will continue to decline, and the MACD is also signaling a possible bearish crossover.
Source: TradingView
Whether it’s realistic or not, SOL’s BTC market cap Terms
If the market turns bullish, Solana could reach $188 again before targeting the $250 level.
However, if the bearish trend continues as market indicators suggest, investors could witness SOL fall to $176.
Source: Highblock Capital
