- SOL price nears new ATH.
- Buyers show bullish signs with open interest increases.
Solana [SOL] is on the verge of reclaiming a price level not seen in over two years, and recent data indicates a bullish sentiment among traders towards the current trend.
Solana traders turn bullish
A recent Santiment post indicates that Solana is nearing the $150 price threshold. This development has propelled SOL to become the most trending coin in the last 24 hours, as per Santiment’s data.
Analyzing the trend reveals a positive momentum of over 56%, signifying a fairly bullish market sentiment. If Solana successfully breaches this new price level, it would mark the first time since 2022.
Solana breaks another price record
Examining Solana on a daily timeframe chart reveals that by the end of trading on 7th March, it experienced a notable increase of over 10%.
The chart illustrates trading at approximately $144.06, reaching as high as $150 during that session. This marks the first instance since January 2022 that SOL has reached these price levels, signifying a significant ascent.
The rise to the $150 price zone on 7th March suggests a high probability of reaching that level soon.
Source: Trading View
Additionally, an analysis of its Relative Strength Index (RSI) indicates that it has entered the overbought zone. As of the current assessment, the RSI is above 70, signaling a strong bull trend.
Furthermore, an examination of Solana’s volume indicates a decline from the record-breaking $9.2 billion observed on 6th March. As of the present moment, the volume hovers around $6 billion.
Source: Santiment
SOL get more cash inflow
Examining the Solana funding rate through Coinglass data showed a recent uptrend. At the time of this writing, the funding rate was about 0.074%, signaling a prevailing dominance of buyers in the derivative market.
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Furthermore, an analysis of SOL open interest showed it had reached its highest point in months, currently at $2.51 billion. This figure marks the highest open interest in nearly a year, suggesting an increase in the cash inflow to Solana.
Moreover, the present state of open interest serves as an indication that traders are growing more bullish and anticipating a further price increase.
