Solana (SOL) Is Poised for a Massive Upside Rally

After a notable price decline in recent days, Solana (SOL) is now poised for a massive upside rally

Solana (SOL) price is now poised for a massive upside rally as it’s bullish on the daily chart.

Solana (SOL) is one of the most popular cryptocurrencies, known for its technology and adoption, which recently hit a record high.

However, despite this bullish development, the asset experienced a notable price decline due to bearish market sentiment.

But now, sentiment has begun to recover, and SOL is now gaining upside momentum.

Solana (SOL) Technical Analysis and Upcoming Levels

According to expert technical analysis, SOL appears bullish as it has formed a bullish divergence on its daily time frame, which signals that the asset is poised for a massive upside rally.

A bullish divergence is rare and occurs when the asset’s price makes a lower low, while its Relative Strength Index (RSI) forms a higher high. This indicates that bulls are gaining strength and supporting the asset for a price jump.

Solana price action shows that it’s currently consolidating inside a crucial zone, and if it manages to sustain above the $120 level, then it could soar by 42% to reach $180 in the coming days, based on recent price action and historical momentum.

Solana (SOL) Price Surges 8%

Solana is currently trading at $126, surging more than 8% in the past 24 hours. During the same period, its trading volume increased by 25%, indicating that traders are actively participating in the market.

Solana: Key Levels to Watch

According to cryptocurrency analysts at Finder, Solana's price may rise further as market sentiment improves. The analysts polled by Finder collectively predict that SOL will reach $150 by the end of 2024.

Moreover, on-chain analytics firm ChainPlus revealed that there has been a massive inflow of 30,000 ETH into exchanges in the past 24 hours, which could be a bearish signal for Ethereum.

Solana (SOL) On-Chain Analysis

As this market recovers and traders become more bullish, they are strongly participating and betting on the bullish side.

Sol (SOL) Surprises With $60 Million Outflow

On-chain data from spot inflow/outflow reveals that exchanges have witnessed a significant outflow of $60 million worth of SOL tokens in the past 24 hours, indicating potential accumulation and causing buying pressure and upside momentum.

Traders Increase Open Positions

In addition, traders have increased their open positions in the past 24 hours. According to on-chain data, SOL’s open interest has surged by 11%. At press time, traders are over-leveraged between $125.8 and $128.5, having built $40 million worth of long positions and $23 million worth of short positions during the same period.

Combining these on-chain metrics with technical analysis, it appears that bulls are back, and the asset could soon recover and reach the $180 level in the coming days.