Solana (SOL) Price Pointed to Form Bullish Pennant Pattern, Targeting $192

Traders have pointed out a bullish pattern emerging on Solana's price chart, leading some to anticipate a price rally after the asset surged 17% over the

Traders have noted a bullish pattern on Solana's price chart, indicating a possible price rally .

Solana (SOL) price has attracted attention by rising nearly 17% in the last seven days, and some analysts believe that technical indicators are pointing to higher price movements in the coming days.

Looking at the price chart of the cryptocurrency, it appears after a strong downward move A flag formation, which is a price consolidation pattern emerging, can be seen.

“BIG FLAG for LEFT on the 1D chart,” trading resource CryptoBusy noted in a July 18 post.

“Watch out for this price action,” they added. Additionally, crypto trading account InvestAnswers believes that Solana “still shows impressive strength” against other cryptocurrencies.

Among the top ten cryptocurrencies by market cap, Solana (SOL) is the highest in the past seven days, according to CoinMarketCap data. It had the second growth (17.01%), with XRP ( He warned against using excessive leverage because it is in an uncertain area.

"This is a pivot area and if you are entering here, be careful with long positions," he noted and called on his 105,600 X followers to "be careful with leverage."

Futures traders also, he expanded his positions during the uptrend.

According to CoinGlass data, open interest (OI) – a measure of the total value of all outstanding or “unstable” Bitcoin futures contracts across exchanges – has increased by 22.14% over the past ten days to $2.13 billion.

Related: Solana drops to 45-day low – Will SOL price rebound from $140?

Honey notes that the asset could potentially rise to $192, but also emphasizes that there is a risk of a drop to $140 if it cannot maintain its current level.

A decline towards this level. , will liquidate approximately $161 million long position.

Meanwhile, some traders, including Crypto Tony, believe that the round $160 level does not provide the critical support needed for entry and require another 1.3% increase.

“There is a nice increase here, reclaiming $163 as support is the next target,” noted pseudonymous cryptocurrency trader Crypto Tony.

“Another level above $163 should be retraced for an easy and safer entry,” he said. added.

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This article does not contain investment advice or recommendations. Every investment and trading move carries risk, and readers should do their own research when making decisions.

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