Solana Breakout Clears Trendline, Strengthens Bullish Momentum
- Trendline Breakthrough: Solana successfully cleared a long-standing descending trendline, with buyers consistently defending higher levels at key technical points, indicating strong bullish sentiment among market participants that could trigger further upside.
- Surge in Trading Volume: SOL's price rose 4.21% in the past 24 hours, with trading volume increasing by 11.14% to approximately $3.54 billion and market capitalization nearing $45.48 billion, showcasing healthy market participation that supports technical recovery.
- Active Derivatives Market: Futures volume increased by 15.02% to about $10.99 billion, while open interest rose by 4.82% to around $5.72 billion, reflecting traders' confidence in future price increases, despite a decline in options activity.
- Strong Liquidation Data: In the last 24 hours, short liquidations reached $18.35 million, significantly higher than the $2.11 million for longs, indicating that upward momentum forced bearish traders to exit, adding further buying pressure through short covering.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 4 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 44.927 | 54.483 | 64.867 | 74.423 | 84.807 | 94.363 | 104.747 |
| Fibonacci | 54.483 | 62.1 | 66.806 | 74.423 | 82.04 | 86.746 | 94.363 |
About SOL
About the author
