- Solana (SOL) noticed a slight bounce on June 19, buying and selling at $141 after a decline that had bulls defending $130 this week.
- Nevertheless, SOL stays over 20% decrease over the previous month.
Julien Bittel, head of macro analysis at International Macro Investor, believes Solana is on the cusp of a bullish flip. With SOL down 20% within the final 30 days, Bittel took to X to share his outlook with over 69.2k followers.
Principal Researcher International Macro Investor pointed to a 30-day historic volatility chart for SOL.
By way of historic volatility, Solana is nearing the 50 mark. A drop beneath this mark beforehand noticed the worth of SOL rebound larger.
“We’re getting near triggering a vol purchase sign at SOL,” Bittel stated. “The sub-50 cross made large strikes over the following two to a few months.”
In cryptocurrencies, volatility can signify alternative or danger, with merchants typically specializing in “shopping for the dip” or “taking revenue.”
Market sentiment, business information and occasions, regulatory developments, and the macroeconomic atmosphere are all elements that affect cryptocurrency volatility.
efficiency of Solana
A have a look at the chart exhibits that the 30-day historic volatility line is rising sharply after crossing beneath.
This occurred in December 2022 after the decline that adopted the implosion of FTX, with the worth of SOL growing by greater than 109% within the subsequent two months.
Different alternatives embody June 2023 when Solan's token rose 32% and once more in August 2023 with 57%. The largest bounce got here in September of final 12 months, when SOL went on a parabola of 521% over the following three months. Throughout this bullish flip, SOL rose from lower than $20 to a excessive of $121 in December.
In February of this 12 months, Solano's 30-day historic volatility mark additionally crossed the 50 mark.
The upward momentum that adopted resulted in a 78% achieve in three months, a breakout that pushed SOL above $200.
Solana is presently buying and selling round $137 USD, however the worth has risen over 780% over the previous 12 months.
