Traders See Bullish Pennant in Solana: Price Forecast
The price of Solana has jumped by 2% in the past 24 hours, reaching $162.55 as the crypto market falls by 1.5% today.
SOL has now gained by 20% in a week and by 32% in the past fortnight, with the market’s fifth-biggest coin (by cap) also standing on an impressive 525% increase in the last 12 months.
This puts Solana in good stead to make further gains in the coming weeks and months, with the coin’s chart now forming a bullish pennant that indicates a big move.
After suffering a little dip a couple of days ago, Solana now looks ready to rally over the next one or two days.
Its relative strength index (purple) has gone from just below 40 to around 60 today, indicating a recovery in momentum and demand.
At the same time, its 30-day moving average (orange) has continued rising further above the 200-day (blue), having struggled a little yesterday.
Perhaps the most bullish feature of all is the coin’s trading volume, which has climbed above $3.2 billion today, from $1.1 billion only a few days.
Clearly, traders have returned to SOL in a big way, with the coin’s increasingly bullish signals and indicators likely drawing them in.
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