- Solana’s price action shows a repeating February pattern, signaling potential positive movements in early June.
- Analysts predict higher lows and a positive pivot for Solana, offering a hopeful outlook for the cryptocurrency.
- Solana’s price has dropped 6.70% in 24 hours, falling from $180 to $160, with a market cap of $74 billion.
Crypto analyst Charting Guy has issued an update on Solana, noting the cryptocurrency’s market behavior mirrors patterns observed in February. Despite positive news regarding SEC’s Spot ETH ETF approval, the market is currently experiencing minor declines. The analyst advises patience as the market navigates this period.
Solana’s price action has been frustrating for investors, as it has been trading slightly lower even after favorable developments. The analyst emphasizes the importance of patience during this time, suggesting that investors should look for higher lows across the board.
According to his analysis, Charting Guy predicts another positive pivot for Solana at the beginning of June. This forecast is based on his observations of the Relative Strength Index (RSI) and wave trends. He believes that these indicators suggest a potential upward movement for Solana in the coming weeks.
The use of RSI and wave trend analysis provides a technical basis for the optimistic outlook. These tools help identify market trends and potential turning points, offering a clearer picture of what investors might expect in the near future.
Significantly, Charting Guy’s update comes at a time when the overall crypto market is displaying similar behavior. The slight downward trend following good news is not unique to Solana but is being observed across various cryptocurrencies.
As of press time, Solana’s price movements display a bearish trend. Solana at $165 has undergone a steady pullback, dropping from $180 to $160, a decline of 6.70% in the past 24 hours. The market cap and the trading volume stand at $74 billion and $5.99 billion, respectively.
