There will be no double bottom on Solana, at least not clearly expressed as on Bitcoin, but a triangle is forming; if it breaks upwards, the price will rush to $125, and if downwards, the decline will be limited to $98. Overall, closer to the middle of the month, Solana's on-chain metrics will improve, creating a favorable bullish background. Third-party analysts: a bearish divergence is observed in the Chaikin Money Flow indicator (CMF). At the time of publication, it is below the zero line at -0.09, indicating weak interest from buyers. Additionally, the ratio of long to short positions shows that market participants are leaning towards shorts. At the time of publication, this indicator is at 0.97. We would like to add that many long traders on Solana have already capitulated, which is actually a bullish signal.
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#Market Analysis: Buy the Dip or Wait? #SOLUSD
There will be no double bottom on Solana, at least not clearly expressed as on Bitcoin, but a triangle is forming; if it breaks upwards, the price will rush to $125, and if downwards, the decline will be limited to $98. Overall, closer to the middle of the month, Solana's on-chain metrics will improve, creating a favorable bullish background.
Third-party analysts: a bearish divergence is observed in the Chaikin Money Flow indicator (CMF). At the time of publication, it is below the zero line at -0.09, indicating weak interest from buyers. Additionally, the ratio of long to short positions shows that market participants are leaning towards shorts. At the time of publication, this indicator is at 0.97. We would like to add that many long traders on Solana have already capitulated, which is actually a bullish signal.