John Bollinger, a famous trader who is best known for developing the Bollinger Bands technical indicator, recently wrote on social media about a “nice pattern” that was starting to form for Solana (SOL), which is one of the largest alternative cryptocurrencies by market value.
Bollinger stressed that the coin must stay above the lower Bollinger Band before rising to confirm the trade, which is a good risk-reward scenario. He told traders that the best way to handle risk was to put a stop under the second move low.
Solana Attracts Traders
According to CoinGecko data, Solana was the worst-performing of the top 10 cryptocurrencies at the time of writing. The coin’s price has fallen 2.5% in the last 24 hours and is now $138.69.
Bollinger is not the only one who thinks SOL will do well. Another well-known cryptocurrency trader, Mister Crypto, said something similar on social media, adding his voice to the growing number of traders who think SOL could go up.
This year, SOL has gotten a lot of attention in the crypto community, especially with the rise of meme coins backed by famous people. Recently, the Solana-based meme coin factory Pump.fun made more than 1.7 million tokens, which made SOL even more famous.
But since then, the excitement over meme coins has died down, causing a big drop in demand for and trade on Solana’s network. This slowdown makes people wonder if Solana can keep going without the meme coin craze that helped it rise in the first place.
The cryptocurrency market has undergone new changes, making things even less clear about SOL. VanEck and 21Shares have both put in plans for Bitcoin ETFs, but they probably won’t come out any time soon. BlackRock has also ruled out the idea of a Solana ETF, which makes the future even worse for the cryptocurrency.
