SOLANA (SOL) has strongly rebounded in a $ 100 support area, currently trading at $ 113.69, and has moved to more than $ 105 and $ 112. Rally reflects the extensive market optimism that can be seen in BTC and ETH.
Trading volume has increased by 2% to $ 56.8 billion over the last 24 hours. Is the priced priced trend resistance of $ 123.45?
Solana price analysis
Solana has continued to fall since the end of January and has been falling. The price has been traded in this channel for the last two months. SOL Price fell 61.65% from $ 295 in January to $ 113.69 from the current level. SOL struggles to maintain $ 110 as continuing sales persist.
The Pivot Points standard indicates a significant resistance overhead by displaying R1 as $ 165.69. On the other hand, the current price is $ 97.69, which is rising to S1 or more, which can serve as the next major support level if the decline continues.
RSI is 43.4 just below the neutral line. The RSI fluctuates between 30-40 for weeks to show potential stabilization, but there is no big optimism yet.
SOL must brake out from the channel to get a significant movement. The price has recently proposed an important support test by approaching about $ 103 on the low trend line of this channel.
SOL price target
If you have more than $ 120, you can reach an immediate goal of $ 139.56, and if your purchase accelerates, you can reach $ 165 next.
If it is not damaged, a short -term integration may occur in the support zones of $ 112 and $ 107. If the collapse under the lower trend line occurs at $ 97.68, it can reach the S2 level of $ 70.85.
ETF funding ratio and public interest data
CoingLass data shows significant development in the derivative market. Solana’s financing ratio has fallen from major exchanges over the last 48 hours and is -0.0054%of the average funding rate of outstanding exchanges such as Binance and Bitmex.
The public interest (OI) has reached $ 44.5 billion a week, with a phenomenal level of 12.09%, which is one of the highest levels for months. This suggests that a new merchant will open a new long -distance or short contract without ending its existing position.
The long and short ratio is currently 1.0048. The short and long position has almost perfect equality. This indicates that there is equilibrium before potential movement.
