Will Solana Reach 160 in July Interesting Patterns Emerge

Coin Realm reports:
As of press time, Solana is at a strong support level of $124. Trading volume surged by 36%, indicating the participation of investors and traders.
In the past 24 hours, the cryptocurrency market has experienced significant selling pressure, with the world’s largest digital asset, Bitcoin, falling by more than 8%.
According to CoinMarketCap data, other cryptocurrencies including Ethereum [ETH], Solana [SOL], and Binance Coin [BNB] also suffered major losses of over 10%, 7%, and 13% respectively in the past 24 hours.
As of press time, under this continuous selling pressure, most cryptocurrencies are showing a bearish trend. However, Solana has already begun to display a bullish mode on its daily chart.
Solana: These are some key levels
According to AMBCrypto’s analysis, as of writing, SOL is currently at a strong support level of $124, below the 200 EMA (Exponential Moving Average).
SOL’s daily chart shows the formation of two bullish price action patterns: a bullish double bottom pattern and a bullish divergence in the Relative Strength Index (RSI) oversold zone.
However, this is not the first time SOL’s daily chart has shown this pattern. In May 2024, a similar bullish pattern also appeared at the same level around $124.
Therefore, it is very likely that SOL will emulate its May 2024 move. If history repeats itself, we may see a significant price surge of over 22%, reaching the level of $160 in the coming days.
Coinglass states that despite the optimistic outlook, the 24-hour Open Interest (OI) has fallen by 7%, indicating lower interest from investors and traders in this challenging market.
The decline in OI could be attributed to the liquidation of traders’ positions worth $25.5 million, with SOL being the third highest asset to experience this significant liquidation.
However, the highest liquidations occurred in Bitcoin and Ethereum.
Cost-Effectiveness Analysis
As of the time of writing, SOL’s trading price is close to $126, with its price falling by 7% in the past 24 hours. Trading volume has significantly soared by 36%, marking the participation of investors and traders.
If we observe SOL’s performance over a longer period, it has lost over 11% of its value in the past seven days. However, in the past 30 days, SOL has lost nearly 26% of its gains.
In addition to SOL, alternative tokens based on Solana, such as Render [RNDR], Bonk [Bonk], and Pyth Network [Pyth], have also seen similar price declines.
Is your portfolio green? Check out the SOL Profit Calculator
According to CoinMarketCap data, the prices of RDNR, BONK, and PYTH have fallen by 9%, 12%, and 13% respectively in the past 24 hours.
On the other hand, popular Solana-based meme tokens dogwifhat [WIF] and the Graph [GRT] have risen by 12% and 2% respectively in the same period.