Solana is approaching $220, can it continue to rise?
Solana (SOL) has been rising strongly recently, all thanks to the high market sentiment and strong technical indicators.
SOL prices have been rising all the way, and the bullish sentiment and technical strength are both strong. Although the social trading volume is a bit less, the long-short ratio is quite balanced, and the technicals also show that it can rise further.
You see, the public and smart money are bullish on SOL, the public sentiment is 0.51, and the smart money sentiment is as high as 3.94. This confidence is great!
Now SOL is trading at $218.01, up 4.93% in 24 hours. Everyone is staring at this soaring price, and they are all wondering: Can this momentum hold up?
Technically, SOL is also very promising. The Bollinger Bands show that SOL is about to touch the ceiling of $227.06, and the rise is quite strong. If this momentum can be maintained, the price will have to rise again.
MACD also shows bullish, and the histogram and signal line are crossed, which is in line with the market sentiment.
However, although the rise is encouraging, the social trading volume has dropped a lot, from 1289 to 527. This may mean that retail investors are waiting and waiting for SOL's next move.
But then again, the drop in social trading volume does not affect SOL's technical aspects and bullish sentiment. If SOL continues to rise, the trading volume will definitely rise, and the community enthusiasm will return.
Now SOL's long-short ratio is quite balanced, 1.0222, 50.55% long and 49.45% short. This shows that although traders are bullish on SOL, they are also cautious and guard against some resistance.
In general, SOL has been rising well recently, and the market sentiment and technical indicators are quite powerful. Although the social trading volume has dropped a bit, it does not affect its potential to continue to rise. Let's wait and see!
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