According to U.Today, bulls have returned to the Solana (SOL) market as strong bullish signals have emerged. The price of SOL is surging, and current sentiment indicates that more gains are likely. As per CoinMarketCap, Solana is currently trading at $154.55, after a jump of 12.29% in the last 24 hours. Earlier this week, the SOL price faced a major crash along with the broader crypto market, hitting the $122 price level before slightly recovering. Since then, it has soared to $154.55, marking a significant recovery from recent losses.

Amid this price rally, the coin has been witnessing certain bullish indicators. For instance, CoinGlass reveals that open interest (OI) in SOL has surged 16.68% in the last 24 hours, currently at the $2.25 billion level. This rising OI shows a major increase in the number of open positions, both long and short. It further indicates increasing investor interest and confidence in Solana, also known as the Ethereum killer. While it suggests prevailing bullish sentiment in the market, rising OI can also result in heightened volatility. The change of positions from traders can either put pressure or inject further positive momentum.

However, it appears that the bullish sentiment will prevail for the Solana price. As per TradingView, SOL is currently trading above its 200-day simple moving average (SMA), indicating that the broader trend remains optimistic with no major downward pressure on the coin. Moreover, the RSI of Solana is at 47, suggesting no selling pressure at the moment. All these indicators point to the possible continuation of this price rally for Solana, and it appears that bears are unlikely to gain control over the market. Overall, the broader outlook is very positive for SOL as further gains are expected.