The post Solana surge alert: Why traders should brace for a 25% hike appeared on BitcoinEthereumNews.com.

Based on the historical price momentum, there is a high possibility that Solana’s price could soar by 25% to the $160 level. $25 million worth of short positions will be liquidated if SOL hits the $131 level. Amid the bearish market sentiment, Solana [SOL] appears poised for a massive upside rally due to its bullish price action pattern and strong on-chain metrics. In the past few days, despite a notable price decline across the cryptocurrency market, SOL has been consolidating near a crucial support level of $125.  Solana technical analysis and upcoming levels Based on expert technical analysis, SOL appeared bullish at press time. Its Relative Strength Index (RSI) has formed a bullish divergence that signals a potential trend reversal from a downtrend to an uptrend. This divergence occurs when the asset’s price continues to form lower lows, while the technical indicator forms higher lows during the same period. Source: TradingView Based on the historical price momentum, whenever SOL reaches its current support level, it tends to experience a massive price surge. This time, with bullish price action there is a high possibility that SOL price could soar by 25% to the $160 level. Bullish on-chain metrics CoinGlass’s SOL Long/Short ratio chart signals bullish market sentiment. According to the data, the ratio currently stands at 1.103, indicating that traders are more optimistic (A value above 1 signals bullishness). Meanwhile, SOL’s open interest has increased by 3% in the last 24 hours, and it has been rising consistently over the past three days. Source: Coinglass A combination of rising open interest and a Long/Short ratio above 1 suggests a potential buying opportunity. Traders often use this to build long/short positions.  As of press time, the major liquidation levels were near $125 on the lower side and $131 on the upper side,…

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Filed under: News - @ September 9, 2024 6:01 am