SOL’s positive outlook is further supported by on-chain metrics. According to on-chain analytics firm Coinglass, Solana’s Long/Short ratio currently stands at 1.05, indicating strong bullish market sentiment among traders. Meanwhile, its open interest has skyrocketed by 11% in the past 24 hours and 4.7% in the past four hours.
This rising open interest suggests growing participation from traders, and the price consolidation also signals a bullish trend.
The combination of these on-chain metrics with technical analysis suggests that bulls are still dominating the asset amid the price consolidation and could support SOL in its upcoming bull run.