- SOL’s price dropped last week, but its volume also declined.
- Technical indicators remained bearish on Solana.
Solana [SOL] has been having a tough week as the investors were witnessing losses. But the trend can change soon! This was the case as a bullish pattern appeared on the taken’s price chart.
Solana’s upcoming move
CoinMarketCap’s data revealed that SOL was down by over 8% in the last seven days. The bearish trend continued in the last 24 hours as its value dropped marginally.
At the time of writing, SOL was trading at $142.84 with a market capitalization of over $66 billion.
Interestingly, Curb, a popular crypto analyst, recently posted a tweet that revealed something that hinted at a price rise for Solana.
Source: X
According to the tweet, SOL was in its consolidation phase for a few weeks. After that, the token’s price entered a bullish pennant pattern. A breakout above the pattern could push the token to new highs.
Is SOL ready for a surge?
Since the token was showing signs of a price uptick, AMBCrypto planned to take a closer look at Solana’s on-chain metrics to find what to expect.
As per our analysis of Santiment’s data, SOL’s Weighted Sentiment dropped sharply last week. This suggested that bearish sentiment around the token was increasing.
However, its Social Volume increased, reflecting Solana’s popularity in the crypto space. On top of that, Solana’s trading volume also dropped in the recent past when its price declined.
Whenever price drops along with a dip in volume, it indicates that there are chances of a bullish trend reversal.
Source: Santiment
Nonetheless, at the time of writing, Solana’s fear and greed index had a reading of 54%. This suggested that the market was in a neutral stage.
Such developments indicate that the price action could move in any direction.
Therefore, AMBCrypto checked Solana’s daily chart. The concerning part was that the technical indicator MACD displayed a bearish advantage in the market.
Additionally, the Relative Strength Index (RSI) also registered a downtick.
Read Solana’s [SOL] Price Prediction 2024–2025
Both of these indicators hinted at a price drop in the coming days. If that happens, then investors might expect the token’s price to drop to $127.
However, if the bulls take over, then SOL might begin its journey towards $162 soon. A breakout above that nark could push the token to $187.
Source: TradingView
