CandleFocus Solana Hit Major Breakout, Eyes on 20% Price Rally
2024-09-13
Author: Content Editor
Solana (SOL) has broken through a strong resistance level at $138, indicating a potential price surge. Technical analysis suggests that if SOL closes a daily candle above $138, it could increase by 20% to $163 and potentially even reach $185. On-chain metrics such as the long/short ratio and future open interest support the bullish outlook, with traders showing a positive sentiment and betting more on long positions. SOL's OI-weighted funding rate is also indicating a bullish outlook. The current trading volume and price surge in the last 24 hours suggest increased participation from traders and investors. However, the bullish thesis will only hold if SOL can close above the resistance level.
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