Solana (SOL) price has witnessed significant volatility throughout this week. Despite this volatility, the SOL price has witnessed a rebound of over 12% this week. It was looking for a trend reversal at press time. Will it succeed? Keep on reading to learn how the SOL crypto price may perform.
Despite this recent surge, SOL crypto was still trading below the significant exponential moving averages. It traded with a bearish tone.
As per a @Lookonchain tweet, a whale recently bought 34,807 SOL coins which corresponds to $4.52 Million. This is in the broader accumulation strategy because the whale took out nearly 206,951 SOL tokens worth $29.3 Million.
Typically, when such kind of withdrawal activity happens in the market, the altcoin sparks a bullish run after it.
The price action indicates that the SOL price has been trading inside a falling channel and was aiming to breach the declining trendline barrier of $145 to approach the $150 mark.
Solana Price Prediction: What Price Action Suggests?
The current market sentiment indicates that buyers are eyeing an opportunity to enter a long trade, which positions the altcoin for further gains.
At press time, Solana price traded at $135.11 with an intraday rise of over 4.30%. With a market cap of $63.21 Billion, SOL ranks at 5th position among the top cryptocurrencies.
Its Daily RSI showed a vertical rise and triggered a positive crossover, indicating a surge in the buying pressure and signaling an uptrend ahead.
@CryptoJelleNL, in his tweet, said that when most altcoins faced bearish moves and reached the bottom, SOL crypto still held the gains and remained above the support zone since April 2024, which means that smart money is securing it.
Also, the Chaikin Money Flow Index (CMF) reading turned positive at 0.05, confirming the increased buying pressure.
What Does SOL’s TVL Data Replicate?
In the recent sessions, SOL’s TVL represented an upswing, noted at $4.782 Billion at press time.
A surge in TVL typically indicates users are entering funds into the platform, which can lead to increased liquidity. As more capital is locked in the DeFi protocol, it will lead to significant benefits and returns.
Daily Transactions Witnessed a Whooping Surge
Solana crypto daily transaction activity reveals a 22% uptick in the past seven days.
It indicates a rise in demand and increased user activity on the asset’s network. This is generally a bullish signal that hints at a potential price reversal.
Over the last three days, the OI-Weighted funding rate stayed on a positive note, representing the bullish cues. When writing, it was noted that 0.0043% conveyed that long traders are dominating the market.
In the past 24 hours, Open Interest (OI) changed over +1.62% to $2.06 Billion, implying long buildup activity in the past 24 hours.
If the market sentiment turned bullish, SOL crypto price might climb to $145 followed by $150 level in the coming sessions, whereas the near term support levels were $130 and $125.
