Solana has recently captured attention with its impressive performance, outperforming giants like Bitcoin and Ethereum. Technical analyses indicate that the altcoin is on a bullish trend, with projections suggesting it could reach the $190 level. On-chain data also supports the notion that bulls have taken control of the market.
Solana’s Strong Performance Amid Market Downturn
Despite the broader market downtrend, Solana has managed to sustain its upward momentum, outperforming other major assets like Bitcoin, Ethereum, and Binance Coin. At the time of writing, SOL has risen by 3.4% in the last 24 hours, trading at $172. However, the trading volume has dropped by 20%, hinting at potential FUD among investors and traders.
Solana continues to grab the attention of investors with its strong performance. Over the past 24 hours, the altcoin’s price increased by 4.9%, by 13.8% over 7 days, and by 24.5% over the past two weeks. Notably, over the past year, SOL has surged by a remarkable 456.9%. Additionally, in the short term, SOL has shown consistent growth, rising by 18.2% in the past 30 days. These figures highlight Solana’s potential for both short-term and long-term gains.
Solana’s Technical Analysis and Key Levels
Solana recently experienced a breakout, and analysts suggest that the altcoin could reach $190 in the coming days. Technical indicators show that SOL is on a strong bullish trend, supported by on-chain data and technical analysis, signaling further upward movement.
The recent breakout liquidated over $3.5 million in short positions, while long position liquidations remained minimal at $350,000. This is one of the key indicators that price movements are working against the bears, signaling a stronger bullish sentiment in the market.
According to CoinGlass, the Long/Short ratio for SOL stands at 1.02, indicating a prevailing bullish expectation among traders. Additionally, the 11% increase in open positions after the consolidation breakout suggests that new positions are being activated, further supporting market optimism. On-chain data and technical analysis confirm that bulls have gained dominance in the market, making this a critical time for traders.
With its strong performance and bullish momentum, Solana continues to attract investor interest. The recent market movements, combined with on-chain data, indicate that Solana could continue its upward trajectory. As always, traders should stay vigilant and keep an eye on key levels, especially as the market continues to react to Solana’s growing potential.
