"Solana (SOL) investors should be ready to rally”
Solana (SOL) is preparing for an upward rally with its bullish price action and strong on-chain metrics.
“SOL’s Relative Strength Index (RSI) has formed a bullish divergence indicating a potential trend reversal,” said AMBCrypto.
“Based on past price momentum, there is a high probability that Solana’s price will rise by 25% to $160.”
Despite a significant decline in the past few days, SOL has managed to hold on to the $125 support. SOL, which has entered a consolidation phase in this price area, has formed a bullish expectation.
According to on-chain metrics, if SOL reaches $131, $25 million worth of short (bearish) positions will be liquidated.
According to AMBCrypto, SOL has shown an upward trend. The RSI measurement indicates a potential reversal from a downtrend to an uptrend. This trend reversal managed to keep the SOL price at $125. “This indicator appears when a potential bottom is found,” the analysis platform said, continuing: “Based on historical price momentum, when SOL reaches the current support level, it tends to experience a large price increase. This time, with the bullish price action, there is a possibility that the #SOL price will increase by 25 percent to $160.”
The analysis examining CoinGlass’ SOL short/long chart indicated that market sentiment has increased. According to the data, $SOL
investors are more optimistic.
The #SOL Open Interest data, which has been steadily increasing for three days, has increased by 24 percent in the last 24 hours. “The data in question indicates a potential buying opportunity,” said AMBCrypto, adding:
“Looking at this data, it seems that the bulls are currently dominant and the potential to liquidate short positions is high.”
CoinGlass reported that short positions have accumulated between $125 and $131. A potential rise of SOL to $131 would liquidate approximately $25 million worth of short positions.
