Solana News: Bullish Pattern Puts $184 Target For SOL

Key Insights:

• Solana news reveals that SOL faces resistance near the $166 level.
• A real rally could begin if the daily candle closes above $167.
• An expert has made a bold prediction, stating that longing for SOL at the moment is a “sign of suicide”.

Per the latest Solana news, the native token SOL continues to struggle despite breaking out of a bullish price pattern. A crypto expert has made a bold prediction that garners massive attention.

His forecast is based on the market sentiment and the asset’s ongoing price consolidation within a narrow range. At press time, SOL appears to be struggling, losing 4.25% of its value.

Moving ahead, it reached a key support level near $158. During this period, investor and trader participation soared, resulting in a 10% jump in trading volume.

Solana News: Going Long “Sign of Suicide” Says Expert

In a post on X, the expert noted that longing for SOL at the current momentum could be a suicidal move. Additionally, the post mentioned that Solana and other assets have demonstrated impressive growth.

However, he advised waiting for sideways consolidation before picking up the coin for potential growth. The expert added, “Don’t chase the pump – let the setup come to you.”

This post by the expert hints at how to react to the current market situation following the recent rally. It also suggests not jumping directly into a trending market but instead waiting for a retest or price consolidation.

Meanwhile, in the row of Solana news, another crypto expert noted that SOL is trying to make a move. However, it is waiting for Bitcoin to give the green light. This is because BTC was undergoing a correction after hitting an all-time high.

Solana News: Short-Term Bearish and Long-Term Bullish Outlook

The latest Solana news based on on-chain data from Coinglass has gained widespread attention. This happened due to the signs of ongoing accumulation.

Spot inflow/outflow data reveals that exchanges across the crypto landscape have recorded an outflow of $81 Million SOL. The landscape has experienced this in the past 48 hours.

This substantial outflow indicates potential accumulation amid price consolidation, a bullish sign for Solana holders.

On the other hand, traders are seizing the current price dip. Also, the bets on short positions have skyrocketed following SOL’s price decline. This indicates that traders are currently bearish.

At press time, the two major liquidation levels are $157 on the lower side and $170 on the upper side. There are $71.47 million worth of long positions at these levels and $428.28 million worth of short positions. This reflects a strong bearish sentiment in the short term.

As per Solana news, these two metrics suggest that short-term market sentiment is bearish. It also indicates that the long-term outlook remains bullish due to heavy accumulation across exchanges.

Solana Price Action and Key Levels

According to expert technical analysis, Solana recently broke out of a bullish inverted head and shoulders pattern. It is currently retesting the breakout area, also known as the neckline.

The asset has successfully retested the breakout level. However, it has failed to sustain its upward momentum due to the presence of another resistance level near $166. At press time, SOL appears to be consolidating within a tight range between $157 and $166.

A rally is likely only if the asset breaks above the $167 resistance level. If this happens, SOL could experience a price jump of up to 12% and may reach the $184 level soon.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.