Legendary Trader John Bollinger Spots “Nice” Solana (SOL) Pattern

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As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I find John Bollinger’s optimistic outlook on Solana (SOL) intriguing. However, my personal investment decisions are always based on a thorough analysis and not solely on the opinions of market influencers, no matter how esteemed they may be.

In a recent social media post, legendary trader John Bollinger said that he had spotted a “nice pattern” for Solana, one of the top alternative cryptocurrencies by market capitalization. 

According to Bollinger, it is crucial that the price stays above the lower Bollinger Band and subsequently rises to confirm this trend. After confirmation, this situation will offer a favorable risk-reward trade. To mitigate potential losses, set your stop loss below the second swing low, he advised in his social media post.

Currently, Solana (SOL) is experiencing the most significant drop among the top 10 cryptocurrencies, as reported by CoinGecko. At this moment, it’s being traded at $138.69, a decrease of 2.5% over the last 24 hours.

It’s not just Bollinger who appears optimistic about Solana; Mister Crypto, a well-known crypto trader, also expressed a similar positive outlook in a recent social media post.

The next bullish catalyst? 

As a seasoned crypto investor with years of experience under my belt, I must admit that the surge in popularity of Solana this year has caught my attention once again. Having witnessed the rise and fall of numerous meme coins backed by celebrities, I’ve learned to approach such investments with caution. However, the hype surrounding Solana has piqued my interest due to its impressive technology and growing community. I believe that as a crypto investor, it is essential to keep an open mind but also to tread carefully in this rapidly evolving market.

According to U.Today’s report, the count of tokens minted using the meme coin factory on Solana, Pump.fun, has just gone over the 1.7 million threshold.

Despite the surge in popularity driven by meme coins, interest in Solana seems to have decreased noticeably. This decline is reflected both in reduced network usage and less frequent trading activity.

Hence, the meme cryptocurrency might struggle to find its next bullish catalyst. 

While VanEck and 21Shares have submitted proposals for a Bitcoin ETF, it seems that this won’t be coming to fruition any time quickly. Additionally, BlackRock has opted out of proposing a Solana ETF at this point in time.

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2024-08-16 21:45