Solana Price Set to Hit $165 Level Soon, Here’s Why

Solana (SOL), the fifth largest cryptocurrency by market cap, seems bullish and poised for an enormous upward rally following the consolidation breakout. After consolidating in a decent vary between $141 and $150 over the previous 5 days, SOL has lastly damaged out of that zone and is now poised for the rally.

Solana (SOL) Present value momentum

On the time of writing, SOL is buying and selling round $153.2 and has skilled a value enhance of over 7.2% within the final 24 hours. Throughout the identical interval, buying and selling quantity elevated by 25%, indicating rising participation from merchants and traders throughout the latest outbreak.

Solana technical evaluation and upcoming ranges

CoinPedia’s technical evaluation means that SOL is bullish because it trades above the 200 Exponential Shifting Common (EMA) on a day by day time-frame. The 200 EMA is a technical indicator that crypto consultants use to find out whether or not an asset is in an up or down development.

Based mostly on the historic value momentum, if SOL closes its day by day candle above the $151.5 degree, there’s a excessive chance that the worth might rise by 13% to achieve the $165 degree, and even increased if sentiment stays unchanged .

This bullish thesis will solely maintain if SOL closes its day by day candle above the $151.5 degree, in any other case it might fail.

SOL’s bullish on-chain metrics

Presently, this constructive outlook is additional supported by on-chain metrics together with SOL’s ahead open curiosity and Lengthy/Quick ratio. Based on Mint glassSOL’s lengthy/quick ratio at the moment stands at 1.021, indicating sturdy bullish sentiment amongst merchants.

Moreover, future open curiosity has risen 4.9% up to now 24 hours and has been steadily rising since September 10, 2024.

Merchants and traders usually reap the benefits of the mix of rising open curiosity and lengthy/quick ratios above 1 as they construct lengthy positions. Presently, 50.5% of prime merchants have lengthy positions, whereas 49.5% have quick positions.