Based

bullish

Solana

View

<p>Solana (SOL), the fifth-biggest cryptocurrency by market cap appears bullish and poised for a massive <a href="https://coinpedia.org/news/solana-price-history-why-the-190-level-is-crucial-for-sols-next-move/" rel="noopener noreferrer nofollow">upside rally</a> 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.</p>  
<h2 class="wp-block-heading" id="h-solana-sol-current-price-momentum-nbsp"><strong>Solana (SOL) Current Price Momentum&nbsp;</strong></h2>  
<p>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.</p>  
<h2 class="wp-block-heading" id="h-solana-technical-analysis-and-upcoming-levels"><strong>Solana Technical Analysis and Upcoming Levels</strong></h2>  
<p>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.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/25044221/SOLUSDT_2024-09-25_04-40-06.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/25044221/SOLUSDT_2024-09-25_04-40-06-1024x448.png" alt="" class="wp-image-355071"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>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.</p>  
<p>This bullish thesis will only hold if SOL closes its daily candle above the $151.5 level, otherwise, it may fail.</p>  
<h2 class="wp-block-heading" id="h-sol-s-bullish-on-chain-metrics-nbsp"><strong>SOL’s Bullish On-chain Metrics&nbsp;</strong></h2>  
<p>Currently, this positive outlook is further supported by on-chain metrics including SOL’s future open interest and Long/Short ratio. According to <a href="https://www.coinglass.com/currencies/SOL" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a>, SOL’s long/short ratio currently stands at 1.021, indicating strong bullish sentiment among traders.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/25044244/knkns.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/25044244/knkns-1024x267.png" alt="" class="wp-image-355072"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>Additionally, its future open interest has jumped by 4.9% in the last 24 hours and has been steadily rising since September 10, 2024.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/25044326/jvndknkmn.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/25044326/jvndknkmn-1024x357.png" alt="" class="wp-image-355073"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>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.</p>

Coinpedia Fintech News

Table of Contents

CoinPedia News

Other articles published on Sep 24, 2024

Coinpedia Fintech News

eToro U.S. to Delist Altcoins Following SEC Deal: Only Bitcoin, Ether, and Bitcoin Cash Remain

BTC price support at $62K must hold if Bitcoin bears step in — Traders

Hamster Kombat's Season 1 Airdrop: Only 43% of Users Eligible

SEC vs. Ripple: Countdown For No Appeal Starts

Heihachi, the mad patriarch returns to Tekken 8 DLC

Join our free newsletter for daily crypto updates!