Solana Long-Short Ratio Surprises with a Stunning Reversal!!! Market Sentiment Points Bullish, Bull Market Sets Sail
Analysts note that Solana's recent price movement has formed a cup and handle breakout pattern on the long-term chart, suggesting its price could leap to $4,000. If this target is achieved, Solana's market cap will reach $2 trillion, putting it on par with Bitcoin.
Technical and On-Chain Data Working Together
Solana has surged 220% in 2024. Although it has retreated to $220 after approaching its historical high of $264, the Fibonacci retracement level and the 50-day EMA provide strong dual support, indicating that there is still room for price increase. Recently, SOL's daily trading volume skyrocketed to $7.62 billion within a week, with increased liquidity and market interest being the main drivers of its recovery.
Market Recovery: Price rebounded from the support level of $205.41, forming a bullish signal.
Bull Market Signs: Solana's long-short ratio has risen to 1.03, exceeding bearish options for the first time, showing a bullish market sentiment.
Future Potential and ETF Impact
Discussions about a Solana ETF have been increasing recently. Although the SEC has not yet approved it, the market widely expects positive changes in January 2024. With an increase in spot Solana ETF applications, Solana's liquidity is expected to significantly improve, providing new catalysts for price increases.
Additionally, analysts such as Sherpa and CryptoQuant believe that Solana's pullback presents an opportunity for entry at lower levels; this asset not only has a strong technical background but also holds the potential to set new historical highs in the future.
Currently, SOL is trading at $225, with a market cap surpassing $107 billion, possessing the strength to lead the altcoin market. As Bitcoin and altcoins rise together, Solana's upward momentum may just be the beginning.
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