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Solana [SOL] reaches range high again, can a breakout occur?

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Solana buyers could find themselves at an advantage considering the fact that SOL, despite a recent pullback, still managed to maintain its bullish trajectory. Additionally, market indicators too supported a bullish outcome.

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Solana snowballed to range high again with bulls determined to extend gains.
  • Open Interest rose by 7.26% over the past day to signal bullish conviction in the futures market.

Solana’s [SOL] bullish rally from the $22 support level reached the range high of $25 over the past 24 hours. This price level has stalled the bullish rally on two previous occasions which further highlights the level’s importance to a full-blown bullish breakout.


Is your portfolio green? Check the Solana Profit Calculator


Consequently, the likelihood of bulls scaling this hurdle at the third attempt could be dependent on Bitcoin [BTC] rising above the $29.5k price threshold.

Enthusiastic bulls make another attempt to flip key price level

Solana SOL price chart on dark background

Source: SOL/USDT on Trading View

The double bullish candles on the 12-hour timeframe over the past 24 hours took Solana to the $25.3 resistance. Despite the slight pullback, the structure remained bullish with price trending higher after the recovery at the $22 bullish order block.

The sustained bullish momentum combined with the signals from the on-chart indicators highlighted buyers’ advantage.

The Chaikin Money Flow (CMF) surged higher, highlighting the capital inflows and significant bullish momentum. The Relative Strength Index (RSI) dipped over the past 48 hours but recovered to stay above the neutral 50. This showed that demand existed for SOL.

While the on-chart evidence supported bulls breaking above the resistance level, sellers cannot be disregarded, due to the previous range-bound price movement.

The futures market highlighted bullish conviction

Source: Coinalyze

The bullish conviction in the derivatives market was highlighted by the Open Interest’s 24-hour trend. According to Coinalyze, the OI rose by 7.26% over the past day. This suggested that buyers were pushing for more gains.


How much are 1, 10, or 100 SOL worth today?


Likewise, the Funding Rate stayed positive as well. This hinted that Solana bulls could break out past this zone on the third try.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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