Solana (SOL) Poised for 25% Rally, On-Chain Metrics Signal Buy Opportunity

Share This Post

Solana (SOL) Price Forecasts New ATH with 35% Weekly Gains

The post Solana (SOL) Poised for 25% Rally, On-Chain Metrics Signal Buy Opportunity appeared first on Coinpedia Fintech News

Solana (SOL), the fourth-largest cryptocurrency has gained notable attention from the cryptocurrency community as it breaks out of bullish price action patterns. Following the breakout, SOL is currently consolidating near the support level of $204, indicating potential accumulation before a major rally begins.

Solana Technical Analysis and Upcoming Levels 

According to expert technical analysis, SOL appears bullish as it breaks out of a nine-month-long parallel channel pattern. Experts suggest that this breakout has shifted the sentiment from a range-bound market to a bullish one.

Source: Trading View

However, the market has been consolidating in a tight range for the last three days, which suggests potential accumulation and signals a bullish outlook for SOL holders.

Based on recent price action and historical price momentum, if SOL breaks out of this small consolidation, there is a strong possibility it could soar by 25% to reach the $260 level in the coming days. Currently, the asset is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend.

Bullish On-Chain Metrics 

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.

Current Price Momentum 

At press time, SOL is trading near $214.85 and has experienced a price surge of voer 1.10% in the past 24 hours. During the same period, its trading volume jumped by 2.6%, indicating rising participation from traders and investors amid a potential upside rally.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Solana Surges As Momentum Resumes, Is $240 the Next Stop?

Solana (SOL) is gaining momentum once more, with bullish energy pushing it higher as it aims for the next major resistance at $240 Following recent consolidations, SOL has surged onto traders’

Coinbase Acquires Utopia Labs Team to Accelerate Onchain Payments

Coinbase is enhancing its onchain payments capabilities with the acquisition of the Utopia Labs team, which will join Base to advance the onchain payments roadmap within Coinbase Wallet Jesse Pollak,

Crypto Legal Battle: 18 States Accuse SEC Of Unconstitutional Regulatory Actions

In a significant challenge to the US Securities and Exchange Commission (SEC) and its regulatory approach toward the crypto industry, 18 states have filed a lawsuit against the agency and its

SEC facing joint lawsuit from 18 US states over ‘unconstitutional persecution’ of crypto

Attorney Generals of 18 US states have filed a joint lawsuit against the Securities and Exchange Commission (SEC), its Commissioners, and Chair Gary Gensler The lawsuit accuses the agency of

Senator Lummis Proposes Selling Fed’s Gold To Fund Strategic BTC Reserve: Bloomberg

The post Senator Lummis Proposes Selling Fed’s Gold To Fund Strategic BTC Reserve: Bloomberg appeared first on Coinpedia Fintech News According to a latest Bloomberg report, Republican Senator

New Era For Crypto Regulation? SEC Chair Gensler Suggests He May Step Down

A potential shift in crypto regulation could be in the works as the US Securities and Exchange Commission (SEC) Chairman Gary Gensler hints at a possible resignation following President-elect Donald