Heres Why Solanas Price is Poised to Reach 165 Level in the Near Future

Solana (SOL) is showing signs of a bullish trend and is poised for a significant upward rally following its breakout from a period of consolidation. After being confined within a narrow range of $141 to $150 for the past five days, SOL has finally broken out and is now primed for a rally.

As of now, SOL is trading around $153.2, experiencing a surge of over 7.2% in the past 24 hours. The trading volume has also increased by 25%, indicating growing participation from traders and investors following the breakout.

Technical analysis suggests that SOL is bullish, as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a widely used indicator by crypto experts to determine the trend of an asset.

Based on historical price momentum, if SOL manages to close its daily candle above the $151.5 level, there is a strong possibility that it could soar by 13% and reach the $165 level or potentially even higher.

This bullish outlook is supported by on-chain metrics, including SOL’s long/short ratio and future open interest. The long/short ratio currently stands at 1.021, indicating a strong bullish sentiment among traders. Additionally, the future open interest has increased by 4.9% in the last 24 hours and has been steadily rising since September 10, 2024.

Traders and investors often use the combination of rising open interest and a long/short ratio above 1 to build long positions. Currently, 50.5% of top traders hold long positions, while 49.5% hold short positions.

Overall, SOL is showing promising signs of a bullish trend and has the potential to experience a significant upward rally if it continues to maintain its positive sentiment and closes above the key $151.5 level.