- Solana (SOL) noticed a slight bounce on June 19, buying and selling to $141 after a downturn that had bulls defending $130 this week.
- Nevertheless, SOL stays greater than 20% down this previous month.
Julien Bittel, head of macro analysis at World Macro Investor, believes Solana in on the cusp of a bullish flip. With SOL value down 20% previously 30 days, Bittel took to X to share his outlook with over 69.2K followers.
The World Macro Investor chief researcher pointed to the 30-day historic volatility chart for SOL.
By way of historic volatility, Solana is close to the 50 line. A dip under this line has beforehand resulted in SOL value bouncing increased.
“We’re getting very near triggering a vol purchase sign on SOL,” Bittel mentioned. “A cross under 50 has produced some big strikes over the next two to a few months.”
In crypto, volatility can current a possibility or a threat, with merchants usually ‘shopping for the dip’ or ‘taking revenue’.
Market sentiment, trade information and occasions, regulatory developments, and macroeconomic atmosphere are all components that affect crypto volatility.
Solana efficiency
A have a look at the chart exhibits the 30-day historic volatility line sharply transferring up after crossing under.
That occurred in December 2022 after the downturn that adopted FTX’s implosion, with SOL value rising greater than 109% within the subsequent two months.
Different events embody June 2023 when Solana’s token surged 32% and once more in August 2023 with 57%. The largest soar got here in September final yr when SOL went parabolic with 521% over the following three months. Throughout this bullish flip, SOL rose from below $20 to achieve highs of $121 in December.
In February this yr, the 30-day historic volatility line for Solana additionally crossed under the 50 mark.
The upward momentum that adopted resulted in a 78% uptick over three months, a breakout that pushed SOL to above $200.
Solana at present adjustments fingers round $137, however value is up greater than 780% previously yr.
