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Bullish signals cause Solana price (SOL) to rise by 16%

Bullish signals cause Solana price (SOL) to rise by 16%
Bullish signals cause Solana price (SOL) to rise by 16%

The price of Solana (SOL) is in for a good start as the altcoin has performed well over the past two weeks.

In addition, investors are betting on a price increase, which is also reflected in the financing price, as this is targeting a price above 150 dollars.

Solana sees positive signals

Solana’s price is benefiting from the broader bullish signals evident in the Relative Strength Index (RSI). The RSI has reached the zone above the neutral line for the first time in a month, marking a clear change in sentiment in the market.

This recent change is largely due to a prevailing bullish market trend that is driving prices higher. Solana’s price surge has been a key factor fueling this newfound optimism and boosting investor confidence.

The RSI of Solana.
Solana RSI. Source: TradingView

As prices continue to rise, more and more investors are becoming aware of Solana’s potential.

This can be seen in Solana’s funding rate, which has been consistently positive again after slipping into negative territory. A positive funding rate indicates that traders are willing to pay a premium to maintain their long positions, meaning that long contracts dominate the market.

Read more: How to buy Solana (SOL) and everything you need to know

Solana funding rate.
Solana funding rate. Source: Coinglass

It reflects the increased confidence of SOL holders in the future performance of the cryptocurrency. These indicators suggest that the market expects further growth and stability for the altcoin in the near future.

SOL Price Prediction: Overcoming Barriers

Solana’s price is just below the $150 mark at the time of writing. Over the past few days, the altcoin has seen steady growth, albeit just in a single day, recording a 16% increase. Now, SOL is aiming to reclaim the $156 support level.

Since this level has been a strong resistance in the past, a flip to support would amplify the price increase. This would help SOL surpass the $169 mark and turn $175 into a support level.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

Solana price analysis.
Solana price analysis. Source: TradingView

On the other hand, a failed breakout of the $156 mark would mean a consolidation for Solana’s price. In the past, SOL has also traded between $156 and $126, and a repeat of the same would invalidate the bullish thesis.

Disclaimer

Per the Trust Project’s guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions can change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy and Disclaimer have been updated.

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