News
  • Chandan Gupta
    author-profile

    Chandan Gupta right arrow

    Author

    Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

    • 1 minute read

    Solana (SOL) Set for All-Time High, Buy Opportunity?

    Solana (SOL), the world’s fourth-largest cryptocurrency by market cap is poised to reach its all-time high following a bullish price action pattern on the daily time frame. While other cryptocurrencies are struggling to gain momentum, SOL has breached a crucial barrier and experienced an impressive price surge of over 6.6%.

    Solana Price Analysis 

    Currently, SOL is trading near $232 and has seen a trading volume increase of over 56% in the past 24 hours. This notable surge in volume suggests heightened participation from traders following SOL’s bullish price action.

    This notable price rally and bullish outlook are not only driven by its price action but are also supported by positive on-chain metrics and current market sentiment.

    Solana Technical Analysis and Upcoming Levels

    According to expert technical analysis, SOL has broken out of a strong consolidation zone that formed after the price breached a significant resistance level of $200.

    Based on historical price momentum, whenever an asset trades within a narrow range following a breakout, it is considered a bullish sign. Whales and investors typically accumulate during this period, resulting in parabolic moves upon the next breakout. This time, however, whales and investors anticipate a similar price momentum in the coming days.

    With the breakout of the consolidation zone, there is a strong possibility that SOL could reach the $270 level in the coming days and move even higher if the sentiment remains unchanged.

    Bullish On-Chain Data

    In addition to this technical analysis, on-chain metrics further support the bullish outlook. According to the on-chain analytics firm Coinglass, SOLโ€™s open interest (OI) has spiked by 21% in the past 24 hours, indicating increased participation from traders amid the assetโ€™s bullish momentum.

    Source: Coinglass

    Meanwhile, SOLโ€™s Long/Short ratio on Binance currently stands at 1.50, indicating a strong bullish market sentiment among traders.  According to the data, 60% of top Binance traders currently hold long positions, while 40% hold short positions.

    A combination of these on-chain metrics and technical analysis suggests that bulls are currently dominating the asset and could support SOLโ€™s upcoming rally.

    Show More

    Related Articles

    Back to top button