- Following the breakout from the H&S pattern, there is a strong possibility SOL could reach $190 before November 2024.
- SOL’s open interest jumped by 18%, suggesting the buildup of new positions amid the recent breakout.
As a seasoned analyst with years of experience navigating the volatile crypto market, I find the recent breakout of Solana (SOL) particularly intriguing. The bullish Head-and-Shoulder pattern on the daily timeframe, coupled with the significant rise in open interest, suggests a strong possibility that SOL could reach $190 before November 2024.
The fifth largest cryptocurrency, Solana (SOL), has shown a positive trend after the emergence of a bullish pattern in its price action. This development has not only influenced optimism among investors and market participants, but also fueled expectations that SOL could experience significant growth in the near future.
Solana technical analysis and key level
As per AMBCrypto’s technical assessment, Solana (SOL) has recently burst through a bullish Inverted Head-and-Shoulder structure on the daily chart. Historically, when an asset breaches this Inverted Head-and-Shoulder pattern, it often experiences a substantial surge.
For an extended duration, there’s been a strong upward surge in SOL (Solana), suggesting a bullish trend that may lead to further gains in the upcoming days.
Solana’s prediction for November 2024
Although there’s a positive forecast for Solana (SOL), its price increase might not be smooth sailing. Some resistance points could potentially slow down or halt the asset’s advancement.
If SOL finishes its daily trading session above the $161 mark, it’s quite likely that it may experience an increase of approximately 18%, potentially propelling it up to the next potential resistance point at around $190 within the near future.
Based on the existing market outlook, it seems plausible that Solana (SOL) may reach that particular level prior to November 2024.
SOL’s bullish on-chain metrics
Data from on-chain analysis company Coinglass indicates that Solana (SOL) has a favorable forecast. The key liquidation thresholds are currently set at $156.6 on the lower end and $162.5 on the upper end, suggesting that traders are heavily leveraged in these areas.
Based on available information, investors who are pessimistic about SOL’s price growth (short sellers) have wagered approximately $14.46 million that the price will not exceed the $162.5 mark. On the opposite side, optimistic investors (bulls) have made bets totaling around $36.24 million that the asset’s price won’t dip below the $156.6 level.
Rising open interest
Currently, there’s a substantial increase in Solana’s (SOL) open interest, suggesting robust trader engagement after the breakout. Over the past day, its worth has grown by approximately 17.8%.
The significant increase in open interest indicates that a large number of new positions were established during this timeframe. Furthermore, this peak is the highest recorded since early October 2024.
Indeed, the balance between buying (long) and selling (short) positions for SOL was approximately 1.11 at the moment of reporting, suggesting a robust optimism among the traders regarding its price increase.
Market sentiment among traders
By looking at various on-chain statistics together with traditional chart analysis, it seems like buyers have the upper hand right now. This situation might boost Solana (SOL) and potentially lead it to touch the $190 mark within the next few days.
The positive perspective on the market is reinforced by the approaching U.S. presidential election. Previous records indicate that October tends to bring optimistic patterns within the cryptocurrency sector, particularly as significant events such as elections draw near.
This could further maintain Solana’s upward momentum.
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2024-10-21 11:04