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After Solana's remarkable 17% weekly gain, traders have identified a bullish pennant pattern on the price chart, raising expectations for a potential rally.
Analyzing the Pennant Pattern
Following Solana's 17% weekly gain, traders have noticed a bullish pattern on the asset's price chart, which has some people expecting a price rally.
The trading resource CryptoBusy described a pattern that forms when the price consolidates inside a triangle-shaped pattern following a significant downward move as "SOL HUGE PENNANT on the 1D chart" in a post on July 18.
"Watch out for this price action," they warned. Even yet, InvestAnswers, a crypto trading account, thinks that "Solana is still showing impressive strength" in comparison to other cryptocurrencies.
Comparative Growth Rates
Based on data from CoinMarketCap, Solana has experienced the second-highest growth rate among the top ten cryptocurrencies by market capitalization during the past seven days, at 17.01%, only behind XRP's 23.57% increase.
Solana has surpassed its "short term target," as crypto trader Honey put it, and is currently trading at $160.94. She cautioned against putting too much faith in the asset at this time because its future is unknown.
The bullish trend has also prompted futures traders to increase their stakes.
Current Trading Levels
Data from CoinGlass shows that over the last 10 days, the Open Interest (OI)—a measurement of the total value of all existing or "unsettled" Bitcoin futures contracts across exchanges—has increased by 22.14%, reaching $2.13 billion.
While this is happening, there are traders like Crypto Tony who consider that the $160 level isn't the crucial support needed for entry; they think that another 1.3% surge is necessary.
"Upticking nicely here, reclaiming $163 into support is the next goal," crypto trader Crypto Tony noted.
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