Best crypto insights delivered straight to your inbox.
- Solana is trading around $160 and showing strong bullish signals with potential to hit $200 soon.
- Technical indicators like moving averages, RSI, and MACD all point to a continued upward trend.
- Increased trading volume and strong buying pressure in the derivatives market support the bullish outlook.
Solana (SOL) is on a little bullish run, and everyone is wondering whether it can hit $200 soon. Trading at around $160, Solana is showing some serious strength.
The price is above its 50-period moving average of $157.71 and its 200-period moving average of $148.12, which is a good sign. What’s more, the Ichimoku Cloud backs up this bullish vibe.
With the price sitting above the cloud, we’re looking at a proper bullish trend. The conversion line is higher than the baseline, pointing to an upward trend. Plus, the leading span A is above the leading span B, reinforcing the bulls.
The Relative Strength Index (RSI) is currently at 53.63, which is neutral but on the rise. This indicates that Solana has room to grow before hitting overbought levels, usually marked by an RSI above 70.
Earlier, the RSI touched 61.21, hinting at building momentum. The MACD line is at -0.07, with the signal line slightly above at 1.21.
This setup means that a bullish crossover might be on the horizon if the MACD line crosses above the signal line. The histogram bars are negative but shrinking.
The On-Balance Volume (OBV) oscillator stands at 51.987K, showing strong buying pressure. A rising OBV means that trading volume is higher on up days than down days, which is a bullish sign.
The peak at 70.895K backs this up, showing increased buying activity. Solana’s derivatives market also tells a bullish story. The trading volume has jumped by 26%, hitting $7.88 billion.
This surge shows growing interest and participation in Solana. Meanwhile, open interest has slightly dipped by 0.13% to $2.16 billion, so some positions have been closed or liquidated.
The long/short ratio over the past 24 hours is 0.9275, indicating a balanced market sentiment. On Binance, the long/short ratio for accounts is 1.524, with top trader ratios at 1.8703 and 1.6369 for positions, showing that top traders are predominantly bullish. Same with OKX.
From mid-June to mid-July, Solana’s price has been climbing from a low near $120 to a peak around $160. Volume analysis reveals strong trading activity, especially today.
If the current trend continues, Solana could target higher levels, possibly reaching or surpassing the $200 mark.
The smartest crypto minds already read our newsletter. Want in? Join them.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
CRASH COURSE
- Which cryptocurrencies can make you money
- How to boost your security with a wallet (and which ones are actually worth using)
- Little-known investment strategies that the pros use
- How to get started investing in crypto (which exchanges to use, the best crypto to buy etc)