The entire cryptocurrency market has experienced a significant surge in the past 24 hours following a significant price crash. During this period, the price of Solana (SOL), the world’s fifth-largest cryptocurrency, has surged significantly, garnering widespread attention from cryptocurrency enthusiasts.
During the price crash, SOL dropped to a minimum level of $109.66. Since then, its price has surged by more than 33%. However, this price surge resulted in a breakout of the $145 level within 4 hours.
Solana Price Prediction
According to technical analysis, SOL looks bullish as it is trading above the 200 exponential moving average (EMA) and has recently broken above the critical resistance level of $145.
After the breakout, SOL has a high chance of rising another 10% to $161. However, if investor interest and market sentiment remain bullish, SOL could surge to $185, reaching the next resistance level.
This breakout and the surge in open interest will serve as potential reasons for a bull rally in the coming days.
SOL Price Analysis
At press time, SOL is trading near $147, with a significant price increase of more than 15% over the past 24 hours. Despite the sharp price increase, its trading volume has dropped by 56% over the same period.
Meanwhile, SOL’s open interest (OI) has surged by more than 17% in the past 24 hours. The sharp surge in OI indicates an increase in interest from investors and whales.
Solana Outperforms BTC, ETH, and BNB
SOL price has surged, outperforming top assets such as Bitcoin (BTC), Ethereum (ETH), and BNB (BNB). According to coinmarketcap, SOL price has risen by more than 15% in the past 24 hours, while BTC, ETH, and BNB have only risen by 7%, 4.5%, and 7.5%, respectively.
Main Liquidation Levels of SOL
According to the analysis, as of now, the main liquidation levels for SOL are located at $136 below and $153 above.
If the sentiment remains the same and SOL surges to the $153 level, nearly $86 million worth of short positions will be liquidated. Conversely, if the sentiment changes and SOL drops to the $136 level, nearly $162.5 million worth of long positions will be liquidated.
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