- SOL bulls prepare for another run as bears run out of steam.
- Bitcoin dominance slides, paving the way for altcoin season hopes, but can SOL capitalize?
Solana [SOL] has been one of the top performing cryptocurrencies in the last 12 months. Few top coins have come close to its gains and ability to achieve a strong bounce back after every major dip. But will a similar outcome play out this time?
SOL bears have maintained dominance since the last week of August as market sentiment dipped. This has consequently pushed SOL into an important price level, around $120, which has historically acted as support at least for the last 6 months.
Source: TradingView
Moreover, SOL price recently demonstrated consolidation above the same level in the first week of September. Sell pressure has notably tapered out which suggests that there could be some accumulation taking place.
Our assessment of SOL demand revealed a spike in the number of net…
