Solana [SOL], the world’s fifth-largest cryptocurrency by market cap, is poised for an upside rally due to bullish price action and increasing interest from traders and investors. 🚀
However, overall sentiment in the cryptocurrency market is unpredictable, with major cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] continuing to struggle.
Bullish on-chain metrics
Despite the market’s ups and downs, traders and investors have shown strong interest in SOL, as on-chain analytics firm Coinglass revealed.
The Spot Inflow/Outflow indicated that exchanges witnessed a significant outflow of $60 million worth of SOL, suggesting potential accumulation that could create buying pressure and drive a price rally.
This substantial outflow further suggested that long-term holders were capitalizing on the current market sentiment to accumulate the token and take advantage of the price drop.
In addition to the rising interest from long-term holders, Binance traders were going wild, with the majority taking long positions.
Data from Binance’s SOL/USDT Long/Short Ratio was 3.35 at press time, indicating strong bullish sentiment among traders.
According to the data, 77% of top SOL traders on Binance took long positions, while 23% held short positions at press time.
When traders and investors show strong interest in a token, it often leads to impressive results, as experts and enthusiasts expect.
Solana price action and upcoming level
At press time, SOL was trading near $204.65 after a modest 1% upside momentum in the past 24 hours.
During the same period, strong interest from investors and traders drove its trading volume up by 45% compared to the previous day.
According to AMBCrypto’s technical analysis, SOL has broken out from a symmetrical triangle price action pattern in the four-hour timeframe.
However, the breakout will only be considered successful if SOL’s four-hour candle closes above the $207 mark.
Read Solana’s [SOL] Price Prediction 2025–2026
Based on historical price patterns, if SOL successfully closes above $207, there is a strong possibility it could rally 17% to reach the $243 mark in the coming days.
At the time of writing, SOL was trading below the 200 Exponential Moving Average (EMA) — thus, the asset was in a downtrend.
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2025-02-11 04:11