Solana traders note that the price of ‘big’ has increased by 17%.
Traders pointed to the bullishness of Solana's price chart, which led some to expect a price rally after the asset rose 17 percent in the past seven days.
“SOL HUGE PENNANT on the 1D chart,” wrote cryptocurrency trader CryptoBusy in a July 18 post, which is a pattern formed when price consolidates in a triangular pattern following a strong downward slide.
“Watch out for this price action,” he said. Meanwhile, crypto business account InvestAnswers believes that “Solana is still showing remarkable strength” in the rest of the cryptocurrency market.
Among the top ten cryptocurrencies by market capitalization, Solana (SOL) showed the second highest growth in the last seven days (17.01%), after XRP (XRP) with a growth of 23.57% according to CoinMarketCap data.
At the time of going to press, Solana is trading at $160.94, surpassing its “short-term target,” according to crypto trader Haney.
While honey is still in uncertain territory, he cautioned against adding too much to the asset.
“This is a hot spot and I'd be careful with long term,” she wrote to her 105,600X followers to “take advantage easily.”
Futures traders were also widening their positions amid the bullish pattern.
Open interest (OI) — a measure of the total value of all outstanding or “unsettled” Bitcoin futures contracts, according to CoinGlass data — rose 22.14% to $2.13 billion over the past ten days.
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Hani announced that although the property may rise to 192 dollars, if it cannot maintain its current level, it is in danger of falling to 140 dollars.
A move down to this level would eliminate approximately $161 million of long positions.
Meanwhile, some traders, including CryptoTony, believe that the $160 level is not the critical support needed for an entry, thinking that another 1.3% increase is still needed.
“Looking positively here, a retracement of $163 to support is the next target,” said speculative crypto trader CryptoTony.
“Reclaiming more than $163 for easy and secure login is another level,” he added.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
