Investors are Stacking SOL — Is Solana Price About to Break Out?
The post Investors are Stacking SOL — Is Solana Price About to Break Out? appeared on BitcoinEthereumNews.com. Solana (SOL) has shown limited price movement recently despite a substantial accumulation of the token. The price has remained relatively stable in May, likely due to the altcoin’s overheating. While this stagnation is a sign of caution, the market is optimistic, which could lead to potential gains for Solana in the near future. Solana Investors Continue Accumulation Over the past 10 days, the balance of Solana on exchanges has dropped by 2.2 million SOL, valued at approximately $381 million. This decline in supply indicates that investors have been accumulating Solana during this period. The ongoing accumulation is likely driven by a mix of factors, including the broader bullish market sentiment, fear of missing out (FOMO), and the expectation of future price appreciation. This reduction in supply reflects increased investor confidence, with many choosing to hold rather than sell their SOL. As more investors accumulate the token, the supply on exchanges decreases, potentially creating upward pressure on the price in the long run. Solana Exchange Balance. Source: Glassnode Solana’s overall market momentum shows signs of potential volatility. Technical indicators, such as the Bollinger Bands, reveal that the bands are narrowing. This tightening of the bands is a classic signal of a potential squeeze, which often precedes a surge in price volatility. Should the squeeze result in a bullish breakout, Solana could see a rise in price, especially with the broader market showing positive momentum. However, the narrowing of the Bollinger Bands also suggests that a period of consolidation could occur before any significant move. Solana Bollinger Bands.. Source: TradingView SOL Price Needs To Break Out Solana’s price has been moving sideways for much of May, likely due to the token overheating in the previous weeks. However, this cooling-off period could create an opportunity for a bullish move. As the broader market continues…
The post Investors are Stacking SOL — Is Solana Price About to Break Out? appeared on BitcoinEthereumNews.com.
Solana (SOL) has shown limited price movement recently despite a substantial accumulation of the token. The price has remained relatively stable in May, likely due to the altcoin’s overheating. While this stagnation is a sign of caution, the market is optimistic, which could lead to potential gains for Solana in the near future. Solana Investors Continue Accumulation Over the past 10 days, the balance of Solana on exchanges has dropped by 2.2 million SOL, valued at approximately $381 million. This decline in supply indicates that investors have been accumulating Solana during this period. The ongoing accumulation is likely driven by a mix of factors, including the broader bullish market sentiment, fear of missing out (FOMO), and the expectation of future price appreciation. This reduction in supply reflects increased investor confidence, with many choosing to hold rather than sell their SOL. As more investors accumulate the token, the supply on exchanges decreases, potentially creating upward pressure on the price in the long run. Solana Exchange Balance. Source: Glassnode Solana’s overall market momentum shows signs of potential volatility. Technical indicators, such as the Bollinger Bands, reveal that the bands are narrowing. This tightening of the bands is a classic signal of a potential squeeze, which often precedes a surge in price volatility. Should the squeeze result in a bullish breakout, Solana could see a rise in price, especially with the broader market showing positive momentum. However, the narrowing of the Bollinger Bands also suggests that a period of consolidation could occur before any significant move. Solana Bollinger Bands.. Source: TradingView SOL Price Needs To Break Out Solana’s price has been moving sideways for much of May, likely due to the token overheating in the previous weeks. However, this cooling-off period could create an opportunity for a bullish move. As the broader market continues…
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