In a recent social media post, legendary trader John Bollinger highlighted a "nice pattern" for Solana, one of the top alternative cryptocurrencies by market capitalization.
John Bollinger's Pattern
"It needs to hold above the lower Bollinger Band and turn up for confirmation. Then you'll have a nice risk/reward trade. Stop under the second swing low," Bollinger stated in his social media post.
Trader Sentiment
At press time, Solana (SOL) is the biggest laggard in the top 10, according to data provided by CoinGecko. It is currently priced at $138.69 after dipping 2.5% over the past 24 hours. Bollinger is not the only trader who is seemingly bullish on Solana. Mister Crypto, a popular cryptocurrency trader, echoed a similar sentiment in a recent social media post.
Future of Solana
Earlier this year, Solana became the talk of the crypto town once again due to the surging popularity of celebrity meme coins. As reported by U.Today, the number of tokens created with the help of Solana-based meme coin factory Pump.fun recently surpassed the 1.7 million mark. However, the meme coin mania that fueled Solana's growing popularity has waned. Solana has seen a substantial drop in network demand as well as trading activity. Hence, the cryptocurrency might struggle to find its next bullish catalyst.
Even though VanEck and 21Shares recently filed Bitcoin ETF proposals, such a product is unlikely to be launched anytime soon. Moreover, BlackRock has already rejected the possibility of proposing a Solana ETF.
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