Solana (SOL) price surged over 5% on Tuesday as bullish signals for the coin kept investor sentiments upbeat. Bulls in Solana appear to be concentrating on maintaining the upward momentum after purchasing the dip, which is in line with the platform’s recent introduction of “zero-knowledge (ZK) compression”, as reported by Bankless Times.
Market participants are now wondering if this momentum will continue. At the press time, SOL is trading at $136.55, up 3.24% according to data from CoinmarketCap.
Solana Sees Bullish Signals
Bulls are working hard to change market sentiment in their favor as the bulk of coins are available on the cryptocurrency market at steep discounts. Solana’s introduction of ZK Compression has given a chance to bulls to keep the coin afloat. It is anticipated that this development will draw further projects to the Solana chain, which could have a beneficial impact on the price of SOL.
Will SOL Rise Further?
Analyst data suggests that a recent estimate for the price of Solana is that it will increase by 16.27% by July 25 to reach $161.04. Other technical indicators indicate that the mood for the coin is currently bearish, and the Fear & Greed Index is at 30 (Fear).
Over the previous 30 days, Solana had 11/30 (37%) green days and 9.09% price volatility. Data also indicates that, overall, there is a bearish sentiment regarding Solana price projection with 10 technical analysis indicators showing bullish indications while 20 are showing bearish signals.
Next month, Solana’s 200-day SMA will rise and will reach $137.08. By July 25, Solana’s short-term 50-Day SMA is predicted to reach $ 147.08. The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). As of right now, the SOL market is neutral, as indicated by the RSI reading of 35.05.
At $135.55, Solana’s price is demonstrating a robust rebound above this crucial level. Technically speaking, the indications are about to go bullish, although Solana might find it difficult to break $150. Given that both market sentiment and technical indicators have successfully flipped since the recent bounce, the present trade setup seems to be fairly positive.
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