Solana rises by 10 %: Will Etf Hype pay it beyond $ 123, or will the whale dumps be disrupted?
Solana (SOL) is currently recovered at $ 113.69 with a powerful support zone of $ 100, gained more than 10 % and moved higher than the main levels of $ 105 and $ 112. The rally of the broader optimism in BTC and ETH reflects.
Trading volume also increased by 2 % about 5.68 billion dollars in the past 24 hours. Will Price break the resistance of the upper trend line at $ 123.45?
Solana price analysis
Solana is constantly falling from late January, and forms a falling spoiler. The price has been traded inside this channel during the past two months. The Sol price decreased from $ 295 in January to the current level at $ 113.69, which represents a decrease of 61.65 %. Seoul is struggling to keep support at $ 110 with continuous sale.
The R1 axle points standard appears at $ 165.69, indicating that public expenditures are large resistance. Meanwhile, the current price hovers above the S1 at 97.69 dollars, which can serve as the next main support level if the declining direction continues.
RSI at 43.4 below the neutral line at 50. The relative strength index has been fluctuated between 30-40 for several weeks, indicating a potential installation, but there is no significant bullish spacing yet.
Sol must start from the channel either up or down for any big step in its occurrence. The price recently approached the minimum trend line of this channel, about $ 103, indicating an important support test.
Sol price goals
In the event of a strong outbreak above $ 120, we may see that the price reaches an immediate goal of $ 139.56, and if the purchase is accelerating, it may reach $ 165 after that.
Failure to break it may lead to short -term unification or re -testing support areas at $ 112 and $ 107. In the event of a breakdown below the lower direction line at $ 97.68, we can see that it reaches the S2 level at $ 70.85.
ETF financing rate and open interest data
Coinglass data A great development appears in the derivative market. Solana financing rates have been dropped between the main exchanges over the past 48 hours, with an average financing rate of -0.0054 % for prominent exchanges such as Binance and Bitmex.
Open interest (OI) increased in 12.09 % a week to reach $ 4.45 billion, one of its highest levels for several months. This indicates that new traders open long or short contracts without looking at the closure of existing positions.
The long/short percentage is currently 1.0048; There is almost ideal equality in short and long sites. This indicates a balance before a possible step.
