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Solana

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<p class="is-style-lead">Solana is up 25% from the recent four-month low of $110 amid an impressive rebound, but market data shows mixed signals as bulls look to maintain the recovery push.</p> 
<p>During the latest market-wide bloodbath that sent Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) below $50,000 for the first time in nearly six months, Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) witnessed a <a href="https://crypto.news/solana-takes-sharp-7-dive-bitcoin-ethereum-bnb-drop/" target="_blank" rel="noreferrer noopener">tumultuous period</a>, recording a 40% decline over the past eight days.&nbsp;</p> 
<p>The last time Solana faced a similar daily losing streak was in March 2023, leading to a collapse to $16. However, following the latest downturn, recent market activities indicate that Solana has set itself on a path to recovery.</p> 
<h2 class="wp-block-heading" id="solana-retests-140">Solana retests $140</h2> 
<p>The daily chart shows Solana recovering the <a href="https://crypto.news/solana-crypto-140-2024/">$140 mark</a> earlier this morning before skyrocketing to $144. This recovery suggests a strong bullish sentiment, but has faced mild corrections. Solana is up 7% in the past 24 hours and is trading at $140 at the time of writing.</p> 
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  <img loading="lazy" decoding="async" width="1162" height="680" src="https://crypto.news/app/uploads/2024/08/Solana-1D-Chart_093259.png" alt="Solana retests $140 amid 25% rebound: can bulls recover? - 25"> 
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  SOL 1D chart – Aug. 6 | Source: <a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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<p>Market analyst Kaleo confirmed Solana’s strength against Bitcoin despite the firstborn crypto engineering the recent rebound. The SOL/BTC ratio shows that Solana outperforms Bitcoin in the current recovery phase.&nbsp;</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$SOL</a> / <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a><br><br>Really impressed with Solana’s strength vs Bitcoin today.<br><br>Only a matter of time before this ratio sends to new highs.<br><br>0.01 is a magnet. <a href="https://t.co/UPK4QMV2R8" target="_blank" rel="">pic.twitter.com/UPK4QMV2R8</a></p>— K A L E O (@CryptoKaleo) <a href="https://twitter.com/CryptoKaleo/status/1820507979960947047?ref_src=twsrc%5Etfw" target="_blank" rel="">August 5, 2024</a>
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<p>Kaleo notes that Solana’s strength against Bitcoin is impressive, with the SOL/BTC ratio poised for new highs. He suggests that a ratio of 0.01 is a strong target.&nbsp;</p> 
<p>Also, the daily Accumulation/Distribution metric on the daily SOL chart shows a rising trend. This indicates that more investors are accumulating Solana, a positive sign for potential upward momentum, with the metric currently flashing a 297.43 million SOL figure.</p> 
<p> You might also like: <a href="https://crypto.news/spot-ethereum-etfs-see-48m-in-inflows-crypto-market-rebounds/"> Spot Ethereum ETFs see $48m in inflows, crypto market rebounds </a> </p> 
<h2 class="wp-block-heading" id="bearish-momentum-remains-prevalent">Bearish momentum remains prevalent</h2> 
<p>Meanwhile, the Directional Movement Index (DMI) presents a mixed outlook. The positive directional indicator (+DI) has dropped to 15.08, indicating a slump in buying pressure. In contrast, the negative directional indicator (-DI) has increased to 35.83, confirming that the bears have maintained the selling pressure.</p> 
<p>Notably, the Average Directional Index (ADX), which measures the strength of the trend, stands at 28. A high ADX above 25 suggests a strong trend, meaning that the bearish pressure has continued to outpace the recent bullish momentum.</p> 
<p>Trader JohnnyB believes Solana’s downturn might not be over yet. He anticipates another drop before a full recovery. He views this potential drop as a “generational buy opportunity,” implying that the upcoming dip could present a favorable entry point for long-term investors.&nbsp;</p> 
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   <p lang="en" dir="ltr">It looks like we are going to get one more generational buy opportunity in <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$SOL</a> <a href="https://t.co/64hQr7MZgA" target="_blank" rel="">pic.twitter.com/64hQr7MZgA</a></p>— JohnnyB (@johnnybtrader) <a href="https://twitter.com/johnnybtrader/status/1820086467290448320?ref_src=twsrc%5Etfw" target="_blank" rel="">August 4, 2024</a>
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<p>Looking ahead, Solana’s current position confirms that its short-term future warrants cautious optimism. The accumulation phase indicated by the A/D metric suggests that investors are confident in Solana’s recovery.&nbsp;</p> 
<p>However, the positions of the DMI indicators show that&nbsp;the bullish momentum has not yet engulfed the selling pressure.</p> 
<p><a href="https://crypto.news/solana-price-flips-key-resistance-as-futures-open-interest-nears-ath/" target="_blank" rel="noreferrer noopener">Solana</a> has already recovered the $132.68 level, flipping it from resistance to support. If the bullish momentum gains steam, the bulls could mount a rebound toward the 20-day SMA at $167.07. However, a weakening bullish push might revisit the $132 support, which, if breached, could bring the $124.85 defense into the picture.</p> 
<p> Read more: <a href="https://crypto.news/bittensor-surges-41-as-ai-project-bitmind-unveils-deepfake-detection-system/"> Bittensor surges 41% as AI project Bitmind unveils deepfake detection system </a> </p>

Solana retests $140 amid 25% rebound: can bulls recover?

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