Solana (SOL) is currently trading at $219, representing a 4.82% increase over the past 24 hours. The trading volume has increased 96.17% and is currently standing at $10.86 billion. The price of the SOL in the last seven days has grown by 7.86%, which is impressively strong in the market.
Source: CoinMarketCap
Analysts believe Solana will continue to trend bullish under existing market conditions. An upward movement beyond current resistance would push the coin up in the short term. Nevertheless, volatility is still present, and investors can experience high fluctuations before a more evident trend is set.
Crypto analyst BitGuru highlighted that Solana is still exhibiting bullish action, is still above the support point of $210 and waiting to solidify. Buyers have effectively defended this level, converting minor pullbacks into new rallies.
Analysts believe that SOL has not lost its momentum, and given the resistance level at $220-$225, there is potential for the price to close higher. Nonetheless, volatility implies that traders can witness significant fluctuations until more evident trend patterns emerge.
Source: X
The Relative Strength Index (RSI) is currently at 70.21, indicating that the market is overbought. This reading supports the possibility of a short-term cooling but still indicates sustained purchasing demand. Long-term RSI of more than 70 usually coincides with robust rallies and can hold the price of Solana elevated.
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The Moving Average Convergence Divergence (MACD) is also skewed toward bullishness. The MACD line is 1.92, which is higher than the signal line of 1.82, and the histogram is 0.10. This indicates positive growth, but the value of the small histogram indicates relatively slow acceleration. As long as the MACD line keeps drifting higher above the signal line, traders will anticipate greater price increases.
Source: TradingView
CoinGlass data shows that the trading volume has increased by 93.10% to $28.35 billion. Meanwhile, open interest increased by 11.52% to $14.68 billion. These changes underscore the mounting action around the asset in both the spot and derivatives markets.
The OI-weighted funding rate of SOL is at 0.0125%, which incites the prevalence of long positions. This information would indicate a market structure in which leveraged traders still feel confident, solidifying the bigger picture of growing engagement and continued bullishness.
Source: CoinGlass
Solana stands around $219 with soaring volume, increasing its open interest and technical support. Investors are turning to the derivatives data that supports the bullish case to understand whether Solana will clear its resistance range and set forth the next growth phase.
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