Solana (SOL) is the fourth largest cryptocurrency by global market capitalization, and it is expected to reach a new all-time high after breaking through a key resistance level.
With the victory of the pro-cryptocurrency candidate Trump in the US presidential election, the overall sentiment in the cryptocurrency sector has shifted from a downward trend to an upward trend, leading to breakthroughs in Solana (SOL) and other cryptocurrencies.
If you want to learn more about the crypto world and get the latest news,Weibo Dolphin Dolphin1has more great articles waiting for you~
Solana Technical Analysis and Upcoming Levels
SOL has experienced a significant price surge, leading to a breakout of the sloping resistance it has faced since March 2024. Previously, whenever the asset price approached this level, it would encounter selling pressure and price declines.
However, with the change in sentiment and the breakthrough of this level, it is now highly likely that SOL will see a significant rally and reach its all-time high of $259.90 in the coming days. Currently, the asset's trading price is above the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating an upward trend.
In addition to this breakout, if SOL's daily closing price is above $205, its bullish momentum could further strengthen, unless it may take longer to reach the all-time high.
Bullish On-Chain Indicators
On-chain indicators further support this bullish outlook. As of the time of writing, SOL's long-to-short ratio is 1.05, indicating strong bullish sentiment among traders.
Furthermore, SOL's open interest has increased by 18% in the past 24 hours, further indicating a positive outlook. The increase in open interest suggests that derivatives traders are establishing new positions, expecting the price to rise or fall, depending on market sentiment.
By combining on-chain indicators with technical analysis, it appears that the bulls currently dominate the asset and may help SOL reach a new all-time high in the coming days.
Current SOL Price
As of now, SOL's trading price is around $186, with a price increase of over 12% in the past 24 hours. During the same period, its trading volume has surged by 185%, indicating increased participation from traders and investors following the breakout.
That's the end of the article. FollowWeibo Dolphin Dolphin1for more great articles. If you want to learn more about the crypto world and get the latest news, feel free to consult me. We have a professional exchange community that publishes daily market analysis and recommends high-potential cryptocurrencies. There is no threshold to join the group, and everyone is welcome to participate!
