What is Causing the SOL Price Rally to Stagnate?
The price of Solana has increased over the past day, similar to many other altcoins available. For the token, which has risen 8.38% over the last seven days, this is a good development. On-chain signs imply that this rise might not last long, though.
With SOL trading at $156.69 at the time of publication, this is one of the highest prices since August 11. Solana’s dominance in society has decreased despite this upsurge. An indicator of a cryptocurrency’s social dominance is how much attention it gets in relation to others. Increased discussions about Solana are suggested by a large proportion of respondents, and this can be important to maintain its upward trajectory.
- That being said, on August 19, SOL’s social dominance dropped to 2.58% from 4.50%.
- This decrease suggests that the market’s enthusiasm for the token might be waning.
- SOL’s upsurge can falter if societal dominance keeps declining.
SOL Price Targets $163.93 Resistance Following Adam and Eve Pattern Breakout
SOL’s price may encounter resistance at the higher points of interest, which are located around $163.93, based on the daily chart. The coin may experience a decline, perhaps hitting $150.84, if the current upswing is rejected. The bulls seem to have built up a solid support network in this area that may avert further declines.
The SOL price created a bullish Adam and Eve pattern on the 4-hour chart in the meantime. Adam’s V-shaped bottom and the subsequent U-shaped consolidation phase, which marks the beginning of a fresh uptrend, make up this pattern. The accompanying chart illustrates how the price of SOL broke above the technical pattern’s neckline. The bearish bias looked at in the daily chart may not hold up if this upswing keeps going.
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