Solana (SOL) is showing signs of renewed bullish strength on the one-day chart, with momentum gradually shifting in favor of the bulls. A key indicator confirming this sentiment is the Balance of Power (BoP), which currently reads 0.57 – a positive figure suggesting that buyers are dominating price action.
The BoP, which ranges between -1 and +1, helps traders gauge the tug-of-war between buyers and sellers during a trading session. SOL’s positive BoP reading implies that price is consistently closing near the upper end of its daily range, a classic signal that buyers are asserting control.
With bulls regaining momentum and SOL continuing its upward trend, this recovery phase could evolve into a stronger rally if market conditions hold. Traders may want to monitor price action closely for confirmation of a sustained breakout.
The BoP, which ranges between -1 and +1, helps traders gauge the tug-of-war between buyers and sellers during a trading session. SOL’s positive BoP reading implies that price is consistently closing near the upper end of its daily range, a classic signal that buyers are asserting control.
With bulls regaining momentum and SOL continuing its upward trend, this recovery phase could evolve into a stronger rally if market conditions hold. Traders may want to monitor price action closely for confirmation of a sustained breakout.
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Truly Unbiased Cryptocurrency News beincrypto.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.