Solana price hike confirmed? One step away from the 35% Rally
Solana (SOL) is prone to significant price increases and is currently receiving popular attention from crypto enthusiasts. It happened in the wake of SOL's impressive performance and increased transaction volume.
Solana price performance
On September 10, 2024, SOL experienced a price increase of over 5% in the last 24 hours and is currently trading at $134.6. Meanwhile, transaction volume rose by 115 percent.
Solana technical analysis and key levels
According to expert technical analysis, SOL is currently facing strong resistance near the $135 level, which it has been facing for the last ten trading days. If it gives a flash and closes a daily candle above that level, we will see a significant price rally of up to 35% to $185 in the coming days.
Although the daily timeframe is trading below the 200 exponential moving average (EMA), Solana (SOL) looks bullish. However, the Relative Strength Index (RSI) has made a significant divergence, indicating a trend reversal from a lower trend to a higher level.
Bullish gauges on the chain
On the other hand, on-chain measurements also support this bullish view. CoinGlass' SOL OI-weighted funding rate currently stands at +0.0068% and is in the green, indicating bearish sentiment.
Meanwhile, the SOL Long/Short ratio stands above 1.12, which means that traders are showing bullish sentiment. Currently, 53.25% of top Solana traders hold long positions while 46.7% hold short positions.
This data shows that bulls dominate the assets and there is a high probability that SOL will break this barrier for the upcoming price increase. However, this bullish outlook and bullish thesis will only hold if the SOL breaks the resistance level and the daily candle closes above $138, otherwise it may fail.
