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Analysis

Solana’s price can rally to $200 if this prediction comes to pass

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Open Interest fell from $2.3B to $2.05B over the past two days as SOL dipped from $151 to $144.
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Solana's price can rally to $200 if this prediction comes to pass
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  • Solana boasted of robust bullish momentum and demand.
  • The lower timeframes showed that bullish sentiment has weakened in recent hours.

Solana [SOL] witnessed heightened network participation amidst the ongoing meme coin rally. Decentralized exchanges based on the Solana network experienced a boom in activity, AMBCrypto reported.

The price of SOL was also trending higher. Technical analysis highlighted the next bullish target, which also had confluence with a round number resistance level.

The Fibonacci extension levels signal another 30%+ rally

Solana 12-hour price chart

Source: SOL/USDT on TradingView

The move above $32.13 on the 26th of October 2023. It signaled a bullish trend continuation on the daily timeframe.

The rally from $51.23 to $126.36 in the final months of 2023 was used to plot a set of Fibonacci levels (pale yellow).

The 61.8% level at $79.93 was retested as support in January before the rally continued. This signal arrived in early March, when SOL breached the former high at $126.36.

Now, the 61.8% and the 100% extension levels at $172.79 and $201.49 are the next key bullish targets. The RSI was in the overbought territory but does not imply a correction is imminent.

The OBV continued to trend higher, showing steady buying volume.

The bullish sentiment has been muted in the near-term

SOL Coinalyze

Source: Coinalyze

AMBCrypto’s analysis of Coinalyze metrics revealed that the Open Interest saw a decline from $2.3 billion to $2.05 billion from the 8th to the 10th of March.

At the same time, prices fell from $151 to $144, before rising to $148 at press time. This indicated a weakened bullish sentiment over the past couple of days.

Is your portfolio green? Check out the SOL Profit Calculator

The spot CVD also saw a decline over the past 24 hours. However, neither the spot demand nor the OI suggested a drastic price drop inbound.

Investors need not worry about a downtrend so long as SOL is above the $126 level.

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

 

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Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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