Solana’s (SOL) breakout from consolidation sparks bullish sentiment as traders anticipate a surge towards $165. Find out why! 🚀
Solana (SOL), the fifth-largest cryptocurrency by market cap, is showing strong bullish momentum, indicating that a breakout rally might be imminent. After consolidating between $141 and $150 over the past five days, SOL broke out of this range and is currently trading at $153.2, showing an impressive 7.2% increase over the past 24 hours. Trading volume is up by 25%, signaling growing interest from traders and investors.
Technical Analysis 📊
CoinPedia's technical analysis suggests that SOL remains bullish, trading above the 200 Exponential Moving Average (EMA), a key indicator of an uptrend. If SOL closes its daily candle above the critical $151.5 resistance level, it could rally by 13% or more to reach $165 in the coming days.
Bullish On-chain Metrics 📈
On-chain metrics, including Solana’s long/short ratio and futures open interest, also point towards a bullish continuation. According to Coinglass, the long/short ratio is currently at 1.021, showing strong optimism among traders. Additionally, open interest in SOL futures has jumped by 4.9% over the last 24 hours and has been steadily increasing since September 10, 2024.
As traders continue to hold 50.5% long positions, this bullish momentum could push SOL toward the $165 level soon. Watch this space! 👀
