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.
"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 said in his social media post.
At press time, Solana (SOL) is the biggest laggard in the top 10, according to data provided by CoinGecko. At press time, it is changing hands 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.
The next bullish catalyst?
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 meme 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.
