2024-6-20 15:20 |
Solana (SOL) saw a slight bounce on June 19, trading to $141 after a downturn that had bulls defending $130 this week. However, SOL remains more than 20% down this past month.
Julien Bittel, head of macro research at Global Macro Investor, believes Solana in on the cusp of a bullish flip. With SOL price down 20% in the past 30 days, Bittel took to X to share his outlook with over 69.2K followers.
The Global Macro Investor chief researcher pointed to the 30-day historical volatility chart for SOL.
In terms of historical volatility, Solana is near the 50 line. A dip below this line has previously resulted in SOL price bouncing higher.
“We’re getting very close to triggering a vol buy signal on SOL,” Bittel said. “A cross below 50 has produced some huge moves over the following two to three months.”
In crypto, volatility can present an opportunity or a risk, with traders often looking at ‘buying the dip’ or ‘taking profit’.
Market sentiment, industry news and events, regulatory developments, and macroeconomic environment are all factors that influence crypto volatility.
Solana performanceA look at the chart shows the 30-day historical volatility line sharply moving up after crossing below.
That happened in December 2022 after the downturn that followed FTX’s implosion, with SOL price rising more than 109% in the next two months.
Other occasions include June 2023 when Solana’s token surged 32% and again in August 2023 with 57%. The biggest jump came in September last year when SOL went parabolic with 521% over the next three months. During this bullish flip, SOL rose from under $20 to reach highs of $121 in December.
In February this year, the 30-day historical volatility line for Solana also crossed below the 50 mark.
The upward momentum that followed resulted in a 78% uptick over three months, a breakout that pushed SOL to above $200.
Solana currently changes hands around $137, but price is up more than 780% in the past year.
The post Solana “very close to triggering” a key buy signal, analyst says appeared first on CoinJournal.
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