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

Dogecoin Price Could See Swift 175% Surge As DOGE/BTC Pair Records Major Breakout

The Dogecoin price recently surged 20% after President-elect Donald Trump announced the formation of a new Department of Government Efficiency (DOGE) to be led by Elon Musk and Vivek Ramaswamy

Donald Trump-backed DeFi project leans on Chainlink amid criticism and unmet financial goals

World Liberty Financial (WLFI), a DeFi project backed by US President-elect Donald Trump, has partnered with Chainlink to accelerate DeFi adoption This new alliance, announced on Nov 14, names

Bitcoin Nears $100K, But Are Retail Investors Ready for Altcoin Season?

The post Bitcoin Nears $100K, But Are Retail Investors Ready for Altcoin Season appeared first on Coinpedia Fintech News A popular analyst believes Ethereum (ETH) will continue to have a strong

Royal Government of Bhutan Deposits 365 BTC Worth $33.31M to Binance

The post Royal Government of Bhutan Deposits 365 BTC Worth $3331M to Binance appeared first on Coinpedia Fintech News In this rapidly evolving cryptocurrency landscape, Bhutan is gaining significant

Spot Bitcoin ETFs Record a Staggering $8B in Daily Volume—Market Gripped by ETF Frenzy

US spot bitcoin and ether exchange-traded funds posted another day of gains on Wednesday, with the leading crypto asset holding strong above the $90,000 mark Bitcoin ETFs Soar: Blackrock, Fidelity

Cardano Founder Hints At Ripple Partnership – What Could This Mean for Crypto?

Executives of two prominent cryptocurrencies are in the exploratory stage of a possible partnership between the two crypto platforms If it pushes through, it might set an example and pave the way for