Solana Price Expected to Hit $165 Level Soon, Here’s Why
Solana (SOL), the fifth-largest cryptocurrency by market cap, looks bullish and poised for a major bullish rally following its breakout from consolidation. After consolidating in a tight range between $141 and $150 for the past five days, SOL has finally broken out of that zone and is now poised for a rally.
Current Solana (SOL) Price Momentum
At press time, SOL is trading near $153.2 and has seen a price increase of over 7.2% in the past 24 hours. During the same period, its trading volume has increased by 25%, indicating increased participation from traders and investors amid the recent breakout.
Solana Technical Analysis and Next Levels
Technical analysis from CoinPedia suggests that SOL is bullish as it is trading above the 200 Exponential Moving Average (EMA) on a daily timeframe. The 200 EMA is a technical indicator that crypto experts use to determine whether an asset is in an uptrend or a downtrend.
Fonte: Trading View
Based on historical price momentum, if SOL closes its daily candle above the $151.5 level, there is a high possibility that it will rally by 13% and reach the $165 level or even higher if sentiment remains unchanged.
This bullish thesis will only hold if SOL closes its daily candle above the $151.5 level, otherwise it could fail.
SOL’s On-Chain Optimistic Metrics
Currently, this positive outlook is further supported by on-chain metrics, including SOL’s future open interest and long/short ratio. According to Coinglass, SOL’s long/short ratio is currently at 1.021, indicating strong bullish sentiment among traders.
Fonte: Coinglass
Additionally, its future open interest has increased by 4.9% in the last 24 hours and has been increasing steadily since September 10, 2024. 🚀🚀🚀🚀🚀🚀
Fonte: Coinglass
Traders and investors often use the combination of rising open interest and long/short ratio above 1 while building long positions. Currently, 50.5% of top traders hold long positions, while 49.5% hold short positions.
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