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.
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.
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.
Read Also: Will Ethereum Follow Bitcoin’s Lead, or Will Solana Break Away and Shine?
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