Main Takeways:-
- Solana shows a “cup and handling” graphic pattern, which often suggests a possible price increase. At the same time, most merchants in Binance bet on the price will increase.
- The feelings and online activity around Solana are still low, which shows that people are being careful, despite the fact that the graphics suggest that the price could increase.
Solana (Sun) is creating a cup pattern and handbraching of the textbook in the weekly graphic. At present, the price is testing the neckline resistance between $ 200 and $ 210 after a $ 135 rebound.
At the time of informing, Sol quoted at $ 170.20, pointing out a 1.57% decrease in the last 24 hours. Although the price fell a little, the graphic pattern remained strong and buyers are still trying to exceed the price above the downward trend line.
So, if the price moves clearly above $ 200, it could lead to a strong upward movement and confirm that the trend is becoming bullish.
Neutral commercial activity edges towards exits
May 16 exchange flow data indicate $ 148.49 million in tickets and $ 149.55 million in departures. This small difference between the two metrics indicates that the sales pressure is still low.
So, most investors seemed to keep their investments instead of selling them.
This type of behavior generally helps support a price increase, especially when the price is close to a key barrier. But since there are not many people taking out their money, it shows that trust is still low.
As a result, Solana may need stronger supply signs to support a rupture on the psychological level of $ 200.
The dominant long bias highlights the feeling of bullish merchant
Binance data indicates that 70.53% of merchants currently have long positions in the report time, with a long/short 2.39 ratio. This big difference shows that people expect the price to rise even more.
That type of positioning can help prices increase rapidly when they explode. But it also means that the market could suddenly fall if prices go to the other side, which makes many investors be forced to sell.
Although there is a risk, the fact that most merchants bet on the prices that rise show that they have confidence. So, if the price exceeds $ 200, it could increase even faster because more investors could participate, and those who bet can be forced to buy, which increases the price more.
But the general feelings of people about Solana are still slightly negative, with a feeling score of -0.46. This means that most merchants are still being careful. Although the price table looks strong, most people have not yet begun to feel positive.
In the past, the price increases that began when most people felt negative often continued for a longer time.
Is retail back?
The interest in social networks has decreased and less people are interacting. The negotiation volume was 162, and its market share fell to 3.74%.
These figures indicated that Solana was no longer the focus of a retail interest. However, this lack of attention could work for your benefit.
The price generally increases when there is little confusion or distraction. But since not many people are interested at this time, the great price leap could take longer. If more people start talking about it on social networks, that would show a stronger belief, but for now, interest is low.
In the end, Sol seems to have a good opportunity to climb due to a clear graphic pattern called cup and handling, and many merchants bet on the price rise.
However, the broader market actions are still mixed, with a lower sofelingslume and small negative feelings that indicate low broad support.
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Discharge of responsibility: In Bitcoinik.com we present the most recent information in the encryption market. However, this information should not be considered as financial advice, and viewers must consult their financial advisors before investing.
