After a remarkable fall in the last few days, Solana (SOL) is now ready for a huge upward rally because of the bullish price action on the daily period. Sol is one of the best cryptocurrencies, with its technology and adoption considerably increasing, which recently affects a record high.
Despite this Bullish Development, it actively experienced a remarkable price decrease as a result of the Bearish market sentiment. However, sentiment has started recovering and Sol now gets an upper momentum.
Solana (SOL) Technical analysis and upcoming levels
According to the technical analysis of experts, Sol Bullish seems because it has formed a bullish divergence on its daily period, indicating that it is actively ready for a huge upward rally. A bullish divergence is rare and occurs when the price of the active makes a lower layer, while the relative strength index (RSI) forms a higher high. This indicates that bulls get strength and actively support it for a price jump.
Based on recent price promotion and historic momentum, if it is active above the $ 120 level, it could rise by 42% in the coming days to reach $ 180.
Current price momentum
Sol is currently being traded near $ 126 and has risen more than 8% in the last 24 hours. During the same period, the trade volume increased by 25%, which points to increased participation of traders and investors compared to the previous day.
Bullish on-chain statistics
With this bullish price promotion and constant market recovery, traders and investors seem to participate strongly and bet on the bullish side, as reported by the on-chain analysis company Coinglass.
$ 60 million worth Sol outflow
Data from Spot -entry/outflow shows that exchanges have seen a considerable $ 60 million in Sol -Tokens in the last 24 hours, which indicates potential accumulation and causing purchasing pressure and upward momentum.
The over-pasted positions of traders
Moreover, traders have increased their open positions in the last 24 hours. According to data on the chain, the open interest of SOL has risen by 11%. At the time of the press, traders are used too much between $ 125.8 and $ 128.5, with $ 40 million in long positions and $ 23 million in short positions in the same period.
By combining these on-chain statistics with technical analysis, it seems that bulls are back and that it would be able to quickly restore and reclaim the level of $ 180 in the coming days.
Credit : coinpedia.org
