Solana (SOL), the fifth-biggest cryptocurrency by market cap appears bullish and poised for a massive upside rally following its consolidation breakout. After consolidating in a tight range between $141 and $150 for the last five days, SOL has finally broken out of that zone and is now ready for the rally.
Solana (SOL) Current Price Momentum
At press time, SOL is trading near $153.2 and has experienced a price surge of over 7.2% in the past 24 hours. During the same period, its trading volume increased by 25%, indicating growing participation from traders and investors amid the recent breakout.
Solana Technical Analysis and Upcoming Levels
CoinPedia’s technical analysis suggests that SOL is bullish, as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a technical indicator that crypto experts use to determine whether an asset is in an uptrend or downtrend.
Based on the historical price momentum, if SOL closes its daily candle above the $151.5 level, there is a strong possibility it could soar by 13% to 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 may fail.
SOL’s Bullish On-chain 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 currently stands at 1.021, indicating strong bullish sentiment among traders.
Additionally, its future open interest has jumped by 4.9% in the last 24 hours and has been steadily rising since September 10, 2024.
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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Solana breaking out of its consolidation phase is a strong bullish sign! The recent price surge and growing trading volume show rising interest among traders.”
“The 200 EMA is a crucial indicator, and Solana trading above it signals continued upward momentum. It will be interesting to see if SOL closes above $151.5!”
“With SOL’s long/short ratio above 1, traders are clearly bullish. It’s exciting to see more top traders taking long positions in this promising rally.”
“The 25% increase in Solana’s trading volume highlights growing market participation. This could be the push SOL needs to hit $165 soon!”
“Solana’s future open interest jumping by 4.9% reflects strong confidence in its price rise. We may witness even more upward movement soon!”
“A daily close above $151.5 could send Solana soaring to new heights. Let’s see if this breakout sustains and carries SOL to the $165 level.”
“The combination of a rising long/short ratio and growing open interest shows strong support for Solana’s bullish rally. Definitely a project to watch!”
“SOL’s consolidation breakout is a great opportunity for both traders and investors. Keeping an eye on how the market reacts over the next few days!
The recent breakout above the $150 range is a significant milestone for Solana! It’s clear that the market is reacting positively to this momentum.”
“With SOL trading above the 200 EMA, it’s showing strong signs of an uptrend. I’m looking forward to seeing if it can maintain this bullish trajectory!”
“The surge in trading volume by 25% is impressive! This indicates that more traders are getting involved, which could lead to further price increases.”
“The technical analysis suggests a potential rise to $165 if SOL maintains its momentum. It’ll be interesting to see if this bullish sentiment continues!”
“The long/short ratio being above 1 shows that traders are confident in Solana’s future performance. It seems like a good time to consider building long positions.”
“As Solana’s future open interest rises, it reflects increasing market confidence. Let’s keep an eye on how it performs over the next few days!