Solana’s price surge, technical analysis, and potential to reach the $200 mark amidst bullish market trends.
Points
- Solana’s recent price breakout and bullish trend.
- Technical analysis and key resistance levels.
- Market sentiment and investor activity.
- Potential impact of the upcoming Solana ETF.
- Future outlook and price predictions.
The Solana （SOL） has been traded inside a symmetrical triangle pattern for the past few weeks and has undergone a retracement. It recently retested the 200-day EMA mark and made a double-bottom formation. Last week, bulls succeeded in smashing the pattern’s upward cluster of $165 and registered a breakout. Afterward, bulls did not take a break and continued to accumulate. Fueled by the sustained buying pressure and consistent uptick, the SOL price seemed primed to extend the bullish leg toward the $200 mark.
SOL Price Ready to Revisit Its All-Time High （ATH）?
Recently, the Solana coin signified a change in its dynamics and gained traction accompanied by a demand surge. In addition to the bullish breakout, the SOL coin was eyeing to break the immediate hurdle of $190 to revisit the round mark of $200. Moreover, its price action highlighted that once the SOL price crosses the cluster of $200, the next bullish leg might lead SOL toward its ATH mark of $260. This week, the Solana coin had a promising start, formed a three white soldiers pattern, and crossed the significant moving averages. In addition, a golden crossover was spotted, which gave a firm conviction for the short-term potential upside ahead.
Total Value Locked Solana
Total Value Locked （TVL） Continued to Rise
Since the beginning of 2024, the TVL continued to rise and reached the yearly high mark of $5.473 Billion with an intraday positive change of 2.30%. That signified a bullish stance and positive sentiment among the investors. However, the SOL price has reached the highest cluster of its upper Bollinger band, signifying a possible profit booking could take place soon. Still, the RSI and MACD indicators continued to direct the bullish view.
Social Dominance and Open Interest Summary
Amidst the significant price increase, the media buzz remained neutral for the Solana coin. The dominance curve stayed above the midline, at 4.53%, replicating a nominal discussion activity among the investors on social media platforms. However, the futures trading activity peaked, and the Open Interest （OI） data continued to rise. It rose over 9.54% to $3.08 Billion, revealing the long additions in the past 24 hours. Crypto Analyst @WorldofCharts tweeted that SOL price confirmed a breakout of a symmetrical triangle pattern and is ready for a significant rally ahead.
$Sol
Breakout & Retest Has Already Confirmed Send It Towards 250$#Crypto #Sol #Solana https://t.co/OrS11frVbC pic.twitter.com/y0Y3EdHbfY
Surge in Liquidations
Liquidity Chart Source: Coinglass
The short liquidations were at $2.24 Million at press time,
while the longs were at $1.06 Million. As the bullish leg increased, the possibility of a short squeeze could arise, creating a significant upswing in the price of Solana.
Conclusion
Solana’s recent breakout from the symmetrical triangle pattern has set the stage for a potential rally towards the $200 mark. The technical indicators, rising TVL, and increased open interest all point towards a bullish trend. However, investors should remain cautious of potential profit booking and market volatility. With the upcoming Solana ETF and positive market sentiment, Solana is well-positioned for further gains.
Stay updated on Solana’s market trends
Twitter: https://twitter.com/Solana
解説
- Solana’s bullish breakout from the symmetrical triangle pattern indicates a potential rally.
- Rising TVL and increased open interest support the bullish trend.
- Investors should watch for potential profit booking and market volatility.
- The upcoming Solana ETF could further boost Solana’s price.