Solana sparks hope of an upswing as bulls continue to struggle

• SOL has surged by 9.11% over the past month.
• Solana has flipped 200 EMA on daily and 4-hour timeframes, signaling potential upswing.

Since hitting a local high of $193, Solana [SOL] has failed to maintain an upward momentum and reclaim higher levels. As such, the altcoin remains stuck in a consolidation range between $140 and $160.

This shows that, since dropping below $160, bears have outweighed bulls to keep the prices stuck within this range.

In fact, at the time of writing, SOL was trading at $146. This marked a 9.11% on monthly charts, with the altcoin recording moderate gains on weekly and daily charts too.

Despite the recent gains, SOL remains 43.9% below its ATH of $259 recorded in 2021.

Although SOL has struggled to break above $160, the recent price action breeds optimism, leaving analysts talking. One of them is Coin Signals who have suggested a potential upsurge citing 200 EMA.

Solana flips 200 EMA

In their analysis, Coin Signals posited that SOL has flipped 200 EMA on daily and 4-hour timeframes. This price movement means that the altcoin has broken out of the symmetrical triangle.

Source: X

What this means is that a breakout above the upper trendline signals the start of an uptrend. Therefore, the altcoin is well-positioned to see further gains on price charts.

What SOL’s charts suggest

Solana’s Long/Short Ratio on a 4-hour timeframe sat at 1.2 at press time, signaling that long position holders were taking over the market. Thus, more traders are betting on prices to rise, instead of a decline.

Source: Coinglass

This demand for long positions was further supported by a positive DyDx Exchange Funding Rate over the past week. This suggests that longs are paying shorts a premium fee during market downturns to hold their positions.

Such market behavior also indicates that investors are confident with the altcoin’s future gains.

Source: Santiment

Finally, Solana’s Open interest in USD per Exchange has been rising over the past week. Open Interest has surged from a low of $649 million to $712 million.

This shows that investors were continually opening new positions in an anticipation of further gains.

Source: Santiment

Read Solana’s [SOL] Price Prediction 2024–2025

Simply put, while SOL has struggled to reclaim levels above $140 and $160 range, the altcoin is showing increased positive market sentiment.

As such, the current conditions could set Solana up for further gains. Therefore, a breakout above the $160 resistance will see the altcoin hit $170.