Can Solana Price Break $135? Analysts Predict 35% Rally

Published by

Zameer Attar

September 10, 2024

Is Solana (SOL) on the brink of a major price explosion? Recent developments suggest it might be.

Solana is attracting significant attention as it shows signs of a strong price surge. Recent performance and a rise in trading activity indicate that the token could be gearing up for a big move.

As of September 10, 2024, SOL’s price surged by more than 5% within 24 hours, reaching around $134.6. Its trading volume also shot up by 115%, signaling increased interest from both traders and investors.

Solana Technical Analysis and Key Levels

Technical analysts point out that SOL is facing strong resistance around the $135 mark, which it has struggled to break through over the past ten days. If it manages to close above this level, the price could rally up to 35%, possibly hitting $185 in the coming days.

Although SOL is currently trading below its 200-day Exponential Moving Average (EMA), there are still bullish signals. The Relative Strength Index (RSI) shows a bullish divergence, suggesting a potential trend reversal from a downtrend to an uptrend.

What On-Chain Metrics Reveal

On the other hand, on-chain metrics also support this bullish outlook. CoinGlass’s SOL OI-Weighted Funding Rate currently stands at +0.0068% and it is in green, indicating bullish sentiment.

Meanwhile, the SOL Long/Short ratio stands above 1.12, suggesting traders are showing bullish sentiment. Currently, 53.25% of top Solana traders hold long positions, while 46.7% hold short positions.

The dominance of bullish traders suggests that SOL may soon break its resistance level, setting the stage for a significant price increase. However, this will only happen if SOL can close above the $138 mark. Without this breakout, the upward momentum may lose steam.

The crypto world is watching closely as Solana’s fate unfolds. What will happen next?

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.