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Solana’s $150 rally: Are traders expecting more from SOL?

2min Read

Solana has seen its highest cash inflow in about a year as traders wait for it to break another price level. 

Solana's $150 rally: Traders buzz with bullish optimism

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  • 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.

Solana price trend

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.

Solana volume

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.


Is your portfolio green? Check out the SOL Profit Calculator


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.

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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