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- There was a bullish Adam and Eve pattern forming on the Solana chart.
- Selling pressure on the token has eased over the past few days.
As the market mood turned bullish, many leading cryptocurrencies rose, including Solana [SOL], It has pushed its price higher. Things could look up for SOL as a bullish pattern has emerged on its price chart. A successful test of the pattern could start SOL’s journey towards $164 and beyond soon.
The road ahead for Solana
according to CoinMarketCapThe price of SOL has risen by more than 10% in the past week. In the last 24 hours alone, the coin has seen its value rise by more than 6%. At the time of writing, Solana is trading at $154.44 with a market cap of $71.9 billion, making it the fifth-largest cryptocurrency.
Meanwhile, a bullish pattern has emerged on the token’s chart. Ali, a popular crypto analyst, recently shared, tweet The tweet highlighted the potential appearance of an Adam and Eve pattern on the SOL chart. The tweet stated that this pattern indicates a potential rally to $164.
In the future, if SOL manages to break above the resistance level, we may see a 33% rise towards $220.
Source:X
Will SOL test this bullish pattern?
AMBCrypto evaluated on-chain cryptocurrency data to see if SOL could test the Adam and Eve pattern. Our analysis of Coinglass Data Data revealed that the SOL funding rate rose as its price rose. This can be interpreted as a sign of money flowing into the market – a bullish signal.
The token’s buy/sell ratio also registered a slight increase. A higher ratio means there are more long positions in the market than short positions, indicating a rise in bullish sentiment around the token.
Source: Coinglass
AMBCrypto’s look at DeFiLlama data also reveals an interesting development.
We found that SOL inflows spiked on August 22nd as the figure crossed $31 million. However, since then, SOL inflows have been declining, indicating that the selling pressure on the token was waning. The lower the selling pressure, the higher the chances of the token’s value rising.
Source: DeFiLlama
Finally, we took a look at the daily chart of Solana. The technical indicator MACD showed a bullish crossover. Moreover, both the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) indicators recorded slight increases, indicating a sustainable price increase in the coming days.
Reads Solana [SOL] Price prediction 2024-25
Hyblock Capital data also revealed that SOL liquidation will spike significantly once its price reaches $155.5.
Increased liquidation often leads to price corrections. Therefore, it is crucial for bulls to push SOL price above this market in order to maintain the upward momentum.
Source: Hyblock Capital
