Bullish Signals Drive Solana (SOL) Price to Extend 16% Rally
Solana’s (SOL) price has good things ahead of it since the altcoin has been performing well for the past two weeks.
The investors are also betting on a price rise, which is evident in the funding rate, as they aim beyond $150.
Solana Sees Positive Cues
Solana’s price benefits from the broader marker bullish cues, which is evident in the Relative Strength Index (RSI). The RSI has entered the zone above the neutral line for the first time in a month, marking a significant shift in market sentiment.
This recent change is largely attributed to a prevailing bullish market trend, which has been driving up prices. The surge in Solana’s price has been a key factor in fueling this newfound optimism and boosting investor confidence.
As prices continue to rise, more investors are taking note of Solana’s potential.
This can be seen in Solana’s funding rate, which has returned to being consistently positive after dipping into negative territory. A positive funding rate indicates that traders are willing to pay a premium to maintain their long positions, which means that long contracts are dominating the market.
Read More: How to Buy Solana (SOL) and Everything You Need To Know
It reflects increased confidence in the cryptocurrency’s future performance among SOL holders. These indicators suggest that the market is expecting continued growth and stability for the altcoin in the near future.
SOL Price Prediction: Jumping Barriers
Solana’s price, at the time of writing, is just under the $150 mark. Over the last few days, the altcoin has noted steady growth, albeit one day, charting a 16% rise. Now, SOL is aiming to reclaim $156 as support.
Considering this level has been a strong resistance in the past, a flip into support would boost the price rise. This would help SOL cross $169 and turn $175 into a support floor.
Read More: Solana (SOL) Price Prediction 2024/2025/2030
On the other hand, a failed breach of $156 would mean consolidation for Solana’s price. In the past, too, SOL has traded between $156 and $126, and a repeat of the same would invalidate the bullish thesis.
Disclaimer
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