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

Spot Ethereum ETFs End 6-Day Drought With $90 Million Inflow — Will Ether Price Respond?

Investor interest in the spot Ethereum ETFs (exchange-traded funds) appeared to have waned after failing to register a net inflow day for six consecutive days However, the cryptocurrency products

On-Chain Indicator Sets Bitcoin Cycle Top Price At $141K – Details

Bitcoin has experienced a record-breaking bullish breakout, shattering all-time highs almost daily over the past three weeks After an impressive rally, the price is less than 2% away from the

2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

As bitcoin catches its breath on the sidelines, a wave of digital currencies is charging ahead, making big moves Meanwhile, the infamous Altcoin Season Index is climbing, signaling exciting times for

Bitcoin Correction Looms As Analyst Predicts Fall To $85,600

The price of Bitcoin (BTC)  rose by 799% in the past week to reach a new all-time high of $99,655 on November 22 Thereafter, the maiden cryptocurrency has experienced a slight retracement in the

Ripple CEO Predicts US Crypto Boom, 76% of KOLs Shilled Worthless Meme Coins, and More — Week in Review

Ripple CEO predicts US crypto boom, study shows 76% of KOLs promoted worthless meme coins, Coinbase CEO strongly endorses DOGE, and more in this Week in Review Week in Review Ripple CEO Brad

Bitcoin Taker Buy/Sell Ratio Surges On Major Exchanges — Who Is Buying?

The price of Bitcoin has somewhat cooled off, struggling to reach the highly-coveted $100,000 mark, after an intense bullish run all week long However, investors appear to be undeterred by the