Solana – How traders betting on SOL’s price to rally could push it to $315

• Recent data indicated an uptick in long positions on SOL, alongside a hike in traders’ confidence
• Its latest pullback appeared to be part of a natural consolidation cycle, positioning SOL for a possible breakout on the charts

Over the last 24 hours, Solana [SOL] fell 3.72% on the charts, reducing its weekly gains to just 0.99%. Over the past month, the asset has noted an uptick of 11.96%, even though it has struggled to achieve sustained growth.

According to AMBCrypto’s analysis, there may be several factors driving SOL’s potential recovery, with the asset possibly well-positioned for further gains in the near term.

More traders bet on SOL rallying

A recent report from Santiment revealed that 83% of SOL traders are bullish, placing long bets on the asset. This figure places SOL in the 98th percentile, indicating overwhelming confidence in its potential for gains.

When a significant majority of traders remain bullish, it is often a sign of strong market commitment, even amid price fluctuations. This behavior suggests a willingness to hold the asset despite volatility, likely fueling an upward price movement.

Source: X

This sentiment seemed to be in line with data from Coinglass on the SOL/USDT pair on Binance. Among top traders and general accounts, the long-to-short ratios stood at 5.5833 and 5.1425, respectively—Both indicating a heavy tilt toward long positions.

A long-to-short ratio above 1, or one that skews further north, signals a predominantly bullish market outlook. The prevalence of long positions can contribute positively to the asset’s price trajectory.

Rising demand could propel SOL higher

At the time of writing, the demand for SOL was on the rise, driven by a significant outflow of SOL from exchanges over the last few days. This shift placed its Exchange Netflows firmly in the negative.

Data from Coinglass also revealed negative netflows of $112.29 million worth of SOL from exchanges in the last 48 hours.

Taken together, these trends suggested that a majority of traders and investors are transferring their assets into private wallets for long-term holding. Such behavior typically reduces the circulating supply on exchanges, leading to greater demand, often resulting in upward price movement.

Source: Coinglass

Another factor contributing to SOL’s growing appeal is the recent hike in its Total Value Locked (TVL) as reported by Lookonchain. Over the last seven days, Solana’s TVL has grown by $618.4 million – A clear indication of increased activity across various protocols in its ecosystem.

SOL forms a bullish flag pattern

SOL has been moving within a consolidation phase lately, forming a bullish flag pattern that typically precedes significant price hikes.

During this phase, SOL has traded within a defined range of $220 to $250, representing an accumulation period for large holders and long-term investors preparing for a potential breakout.

Source: Trading View

If the bullish flag pattern holds, SOL could surge to $315, marking a high hike from its press time market price. This potential move highlighted the asset’s strong upward momentum and growing investor confidence.