- SOL price is nearing new ATH.
- Open interest is increasing as buyers show signs of optimism.
Solana [SOL] The price of is about to regain a level that has not been seen for over two years. Recent data shows a bullish trend among traders.
Solana traders turn bullish
Recent Studies Have Affected the Rate of Santiment Post indicates that Solana The price is approaching the $150 threshold. Santiment’s data shows that this has led SOL to be the most trending cryptocurrency in the last 24 hour.
An analysis of the trend shows that there is a positive momentum in excess of 56%. That indicates a market sentiment which is fairly bullish. This would be the first breach of this price level since 2022 if Solana were to succeed.
Solana sets new price records
Examining Solana A daily timeframe chart shows that the price of Bitcoin had increased by over 10% at the close of trading on March 7th.
Chart shows trading at around $144,06, reaching up to $150 during the session. SOL is at these levels for the first time since January 2022, indicating a major ascent.
The fact that the price of gasoline rose to $150 on 7th march suggests that it is likely we will soon reach that level.
Moreover, an analysis based on its Relative strength index (RSI) shows that it is in the overbought area. RSI has reached a level above 70 at the time of this assessment. This indicates a strong upward trend.
The volume under Solana has also decreased from the 9 billion dollars that was recorded on the 6th of March. Currently, the volume is hovering around $6 billion.
SOL gets more cash flow
Examining the Solana Funding rate through Coinglass Data showed a recent upward trend. As of the date of writing, the funding rates were around 0.074%. It indicated a dominance by buyers on the derivatives market.
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A recent analysis of SOL’s open interest revealed that it was at its highest level in several months. It is currently $2.51 billion. This is the highest open-interest figure in almost a year. It indicates an increase in cash flow to Solana.
In addition, the current open interest indicates that traders have become more bullish in their outlook and are anticipating an increase in price.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com