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This Is Why Solana (SOL) $180 Price Prediction Could Be a Bull Trap Beincrypto 23 Sep 2024

This Is Why Solana (SOL) $180 Price Prediction Could Be a Bull Trap 🪤

Despite growing optimism around Solana’s (SOL) price, several indicators suggest caution. Some predictions claim SOL could revisit the $180 mark, but this analysis warns that it could be a classic bull trap. A bull trap can lure investors with early optimism before the price takes a sharp downturn.

Over the past seven days, Solana’s price has risen by 9.20%, reaching $143.35. However, the Sharpe ratio suggests caution for short-term gains. A higher Sharpe ratio indicates a better risk-reward balance, but Solana’s Sharpe ratio has dropped to -0.72, suggesting potential returns may not justify the risks at the current price.

Another indicator supporting caution is the SOL/ETH pair, which shows Solana's price relative to Ethereum. From June to August, Solana outpaced Ethereum by 63.94%, but over the past three days, this value has dropped by 6.27%. If this downward trend continues, Solana's $180 price target may not be achieved.

Solana's price recently attempted to break above $150 but met with resistance. This rejection has kept SOL trading within the $134 to $150 range. Additionally, the Relative Strength Index (RSI) has turned downward, signaling weakening bullish momentum. If the trend continues, SOL could fall to $127.92.

However, if the bulls manage to breach the $150 resistance on another attempt, Solana’s price could climb toward $161.74.

Quelle: beincrypto.com ↗

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