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Solana Price Prediction: SOL Flashes Bullish Potential Above $145

Highlights:

  • Solana price is oscillating between $125 and $145 mark, as bulls eye a breakout to higher levels.
  • The derivatives market shows a slight drop in OI as the funding rate flips positive.
  • The Solana price technical outlook shows a potential surge, reinforced by the bullish technical indicators. 

Solana (SOL) price continues on its upward trend, with the price range indicating a consolidation between $125-145. The fund flows into the Solana Exchange Traded Funds (ETFs) in the past four days indicate the continued institutional confidence. The risk-on sentiment is dominant on the derivatives side with the growth of the SOL futures market and the growth in the bullish bets. 

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According to the data provided by CoinGlass, the SOL futures Open Interest (OI) sits at $7.25 billion, marking a slight 0.68% increase within the past 24 hours. This shows that the investors are exposing themselves to a greater risk as they expect more recovery of Solana. 

Solana Derivatives Data: CoinGlass

Notably, the OI-weighted rate of funding is also 0.0051%, and it means that the buyers are paying a premium to be in the long positions, which is a sign of confidence. In the meantime, short liquidations exceeded $8.91 million in the previous 24 hours, outstripping long liquidations, which are to the tune of $5.59 million. This means that the buy side is predominant.

SOL OI-Weighted Funding Rate: CoinGlass

On the ETFs side, Tuesday’s net inflow of $16.54 million was the fourth consecutive day of inflow and the first since December 2, signaling the renewed interest of the institutions. 

Total SOL Spot ETF Net Inflow: SoSoValue

Solana Price Moves Into Consolidation

The chart shows SOL/USD on a 1-day timeframe, and momentum is battling to break out above the falling channel. The Solana price is currently consolidating within the channel, with the upper resistance at $145 and immediate support at $125. Still, the bulls have a tussle as the death cross is evident in the market. This is manifested as the 50-day SMA(154) has crossed below the 200-day SMA (176). 

However, the Relative Strength Index (RSI) at the bottom is climbing, sitting at 46.69, near the neutral-to-bullish territory. The RSI has notably crossed above the RSI-based MA at 42.62, showing that bulls are building momentum.

Solana price
SOL/USD 1-day chart: TradingView

The Moving Average Convergence Divergence (MACD) is also showing bullish crossover signs, with the signal line (orange) trending below the MACD line (blue). This aligns with a potential thrust higher for the Solana price.

Additionally, SOL’s volume has risen 64% in a day, a sign the community is jumping in. Looking ahead, if the Solana price holds above $145 resistance, there could be a test of the next resistance near $154 in the coming weeks. However, if the resistance zones prove too strong, SOL could continue consolidating within the channel. Meanwhile, a drop below the $125 level might signal a retreat to $102 support zone. 

The 3% pump today aligns with growing hype in the crypto market. For now, the chart’s green light suggests riding this wave, but extreme caution is necessary unless the altcoin breaks above the $145 resistance.

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