Solana Bull Run Imminent? $42 Million SOL Outflow Sparks Optimism.
SOL, the native token of the Solana blockchain, is now gaining significant attention from experts and crypto enthusiasts following the formation of a bullish chart pattern on the daily time frame. Based on the bullish outlook, a prominent crypto expert recently posted on X (formerly Twitter) that SOL is poised to rebound towards the $225 or even $264 level.
At press time, traders are over-leveraged at $193 on the lower side and $202 on the upper side, with $60.22 million worth of long positions and $23.3 million worth of short positions. This liquidation level indicates that bulls are currently dominating the asset and can support SOL in the upcoming rally.
With strong participation from traders and investors, SOL’s trading volume has jumped by 15%, and its price has surged by 3.10% in the past 24 hours, currently trading near $197.20.
According to expert technical analysis, SOL appears to be moving within a consolidation zone between the $188 and $202 levels for over a week. A breakout from this consolidation could propel the asset.
Source: COINPEDIA