- Solana (SOL) saw a modest rebound on June 19, trading near $141 after a recent pullback that forced bulls to defend the $130 level earlier in the week.
- Despite the bounce, SOL remains over 20% lower than it was a month ago.
Julien Bittel, head of macro research at Global Macro Investor, says Solana appears poised for a bullish reversal. With SOL down roughly 20% over the past 30 days, Bittel shared his perspective on X with his more than 69.2K followers.
Bittel highlighted Solana’s 30-day historical volatility chart as a key indicator to watch.
Historically, SOL’s 30-day volatility has hovered around the 50 mark. When the volatility line dips below 50 and then turns higher, SOL has often followed with notable price gains.
“We’re getting very close to triggering a vol buy signal on SOL,” Bittel said. “A cross below 50 has produced some huge moves over the following two to three months.”
Volatility in crypto markets can either create trading opportunities or increase risk. Traders commonly respond by buying dips, trimming positions, or adjusting exposure based on changing volatility readings.
Several factors drive crypto volatility, including market sentiment, industry developments, regulatory news, and broader macroeconomic conditions. Monitoring these influences can help interpret volatility signals like the one Bittel described.
Solana performance
Examining past behavior, the 30-day historical volatility line has tended to move sharply upward after dipping below the 50 threshold.
A clear example occurred in December 2022 after the fallout from FTX’s collapse, when SOL rallied more than 109% over the following two months.
Other instances include a 32% surge in June 2023 and a 57% gain in August 2023. The most dramatic move came in September of last year, when SOL entered a parabolic phase and climbed 521% over three months, rising from under $20 to highs near $121 by December.
In February of this year, Solana’s 30-day volatility again fell below the 50 mark. The subsequent momentum produced roughly a 78% increase over three months, pushing SOL above $200.
Currently, Solana trades around $137, and despite recent weakness it has gained more than 780% over the past year.