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Solana (SOL), the rising star of the cryptocurrency world, is capturing investors‘ attention with a promising upward trend. SOL coin has the potential to reach $250 in the long term by breaking a bullish formation and retesting its support in recent weeks. Although SOL’s value decreased by 0.83% in the last 24 hours, overall market sentiment remains optimistic.
Investor Interest Remains Strong
SOL’s price increased by over 6% last week. This rise indicates strong market interest in SOL. However, recent short-term declines have raised concerns about a bear rally among some investors.
Although the weighted sentiment around SOL turned negative on July 27, this may not signify the start of a continuous downtrend. By breaking above a bullish flag formation identified in March, SOL coin may have opened the doors to a potential bull run.
Retest Opens Path to $250
Notably, a prominent crypto analyst, World Of Charts, highlights SOL’s recent formation break and successful support retest. This retest could trigger a rally that propels SOL to its all-time high of $250. This prediction is generating significant excitement among SOL investors.
Data from Coinglass also revealed an increase in the long/short ratio. This metric, which measures the ratio of long positions to short positions, indicates a bullish sentiment with more long positions. However, technical indicators present a mixed outlook. The Chaikin Money Flow (CMF) and Relative Strength Index (RSI) show declines, suggesting a potential continuation of the price drop. Additionally, the MACD indicator also signals a potential downtrend.
Given these mixed signals, SOL’s path to $250 appears quite ambitious. For a more immediate target, if the upward momentum continues, SOL could aim for $188. However, if the current market indicators’ bearish trends persist, SOL could see a drop to $176.
