Solana (SOL) Defies Crypto Market Trends, Eyes $190 Level

The continued promoting stress within the cryptocurrency market has shifted the general sentiment in direction of a downtrend. On this, Solana (SOL), the world’s fifth largest cryptocurrency by market capitalization, is receiving notable consideration from crypto fans because it retains itself optimistic when it comes to value adjustments over the previous 24 hours.

Solana defeated Bitcoin and Ethereum

As well as, SOL has outperformed main cryptocurrencies resembling Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB). On the time of writing, SOL is buying and selling round $172 and has skilled a value improve of over 3.4% within the final 24 hours. Throughout the identical interval, buying and selling quantity fell by 20%, indicating worry amongst merchants and buyers, probably resulting from present market situations.

Solana technical evaluation and upcoming degree

In line with knowledgeable technical evaluation, SOL seems bullish. It not too long ago broke out of a two-day sturdy consolidation between the USD 162 and USD 170 ranges. After this breakout, the value may rise 10% to achieve the $190 degree within the coming days.

As of now, SOL is buying and selling above the 200 Exponential Transferring Common (EMA) on a day by day timeframe, indicating an uptrend.

With this current breakout, brief sellers have liquidated practically $3.5 million price of brief positions, whereas bulls have recorded a liquidation of $350,000. This liquidation reveals that the bears are at present exhausted.

Bullish statistics within the chain

SOL’s bullish outlook is additional supported by on-chain metrics. In line with an on-chain analytics firm MintGlassSOL’s Lengthy/Brief ratio at present stands at 1.02, indicating sturdy bullish market sentiment amongst merchants. Moreover, open curiosity is up 11%, indicating new place builds probably because of the current consolidation breakout.

Merchants and buyers typically think about rising open curiosity and an extended/brief ratio above 1 when constructing lengthy positions. Combining these on-chain metrics with technical evaluation, it seems that bulls are at present dominating the asset and bulls can help to attain the aim.