key takeaways:
-
Historical chart patterns and fibonacchi retracement metric signal up to $ 300 at a solana price rally.
-
Futures are a sign of 7.5 billion dollars in open interest and negative funding rates, making a powerful short squeeze.
Sola (Sol) The price tested the $ 180 resistance level on 11 May, but it has since been consolidated below this major range and seems unable to establish a constant rapid position. However, Altcoin has maintained a positive signal by closing above the 50-week-widing average (EMA) for three consecutive weeks. This important level has historically served as a catalyst for important value rallies.
At the end of 2023, Sol broke through 50-week and 100-week EMA, before these levels strengthened their position above these levels. 515% increase by March 2024The relative power index or RSI currently is currently at 52.60, indicating increasing purchase pressure on the weekly chart.
This setup reflects the previous pattern where Sol broke above the EMA of the 50-week and rally rally. With the current technical alignment, SOL is ready to resume the $ 300 level by the end of 2025, a major psychological and historical resistance.
Using trend-based fibonacci (FIB) extensions, the potentials of the sole may be more hypnotic. The FIB extension, with a recent swing climb to a height of January $ 295, underlined the immediate target of an increase of about $ 300, or 70%.
Once the sole price price is entitled to the search, the speed of the boom may target 1.618 extensions, suggesting that the sool may reach $ 418. However, the failure to keep the 50-week EMA can cause low support to Sol near $ 157.
Related: Solana may be a memecoin ‘one-trick pony’-standard chartered
Solana Traders argues on Sol’s next breakout catalyst
While Solana continues to trade less than 40% of its all -time high, Sol Futures Market Activity remains strong. According to Coing, Solana Futures open interest (OI) $ 7.5 billion – Your January 19, $ 1 billion less, $ 8.5 billion peak. The elevated OI level usually increases speculative interest and suggests that traders are creating positions for significant value volatility.
Finance rates Exchanges have also become negative, which indicates tilt towards small positions as Sol has struggled to recover the major $ 180 resistance. While it often reflects the feeling of recession, it also opens the door for a possible short squeeze.
Crypto futures analyzer Byzantine General Spinish The status of that current market-high OI, increasing total volume, and relatively mute cross-access funding is the characteristic suggestion that the SOL value may be stable. He said that this setup can catalyze a sharp opposite step, if the speed is formed then with the possibility of a breakout towards a level of $ 300.
However, caution is warrant. Major merchant carl moon Marked A possible double top pattern on a 4-hour chart. If the pattern plays, the merchant warned that Sol could recur from $ 157 to $ 152 in the short term.
The level of $ 180 remains a significant influx point. A decisive step above it can confirm a rapid continuity, while rejection can lead to a healthy improvement in $ 150- $ 160 range.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
