Solana (SOL) Price Seeks to Retest Breakout Line as Bearish Sentiment Spikes
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Solana (SOL) experienced a bullish breakout on July 19, moving past its symmetrical triangle pattern. This pattern often indicates a period of price consolidation. However, the altcoin has recently faced increased bearish sentiment.
The price of SOL peaked at $182.52 but has since declined, currently trading at $168.93. Indicators such as the Parabolic SAR and Chaikin Money Flow show bearish trends and reduced liquidity inflow.
If the downtrend continues, SOL might revert to the symmetrical triangle pattern, potentially targeting a price of $154.22. Nevertheless, analysts believe a rally to $200 is possible if the retest of the breakout line is successful.
Brian Quinlivan from Santiment highlighted SOL's positive correlation with Bitcoin, suggesting that a Bitcoin bounce could also boost SOL.
Source: beincrypto.com ↗
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