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Cryptocurrency traders have noticed that a bullish pattern is forming on the price chart of Solana SOL $76.30 Solana 0.62% Market capitalization $44.45 billion VOL. 24 hours $99.22 million , prompting market players to expect further price growth after the asset rose by 17% over the past seven days. Cointelegraph writes about it.
Among the top 10 cryptocurrencies by market capitalization, Solana showed the second largest increase over the past seven days (17.01%), behind only XRP $1.02 XRP 0.98% Market capitalization $64.04 billion VOL. 24 hours $80.2 million , which grew by 23.57%. At the time of publication, Solana is trading at $ 160.
In turn, a trader known as Honey warns against excessive leverage on this asset, as it is still in an uncertain area. «This is a pivotal area and I would be careful with long positions if you enter here,» she wrote on the X platform.
While the asset has the potential to rise to $ 192, there is also a risk of falling to $ 140 if it fails to hold the current level. A drop to that level would wipe out approximately $ 161 million in long positions.
Crypto trader Tony believes that the $ 160 level for SOL is not yet critical support for entry. The analyst believes that this requires another 1.3% increase. «[Криптоактив — ред.] is climbing nicely, the next target is to regain $ 163 as support,» the crypto expert said, adding that «above $ 163 is another level that needs to be regained for an easier, safer entry.»