Solana, the sixth largest cryptocurrency for Bitcoin, is traded at $ 138, maintaining a crown of more than $ 87,000. In the last seven days, Solana has a market cap of $ 7.1 billion.
Currently, it is informed of the potential trend reversal, but surpassing $ 140 is faced with the opposite. Will the optimistic struggle lead to a $ 150 brake out rally? Or is it inevitable for re -examination of $ 131? Let’s find out.
Solana price analysis
On the daily chart Solana price analysis The strength of the fallen wedge pattern develops. Along with the wedge brake out rally, Solana heads for $ 140. This has surged nearly 30%over the last two weeks.
Based on the level of fibonacci, the recovery of the brake out rally returned to $ 131, returning 23.60%. In addition, recovery execution extends positive tendencies on the MACD and signal lines.
This is likely to have an extended gold run. The Solana price is also $ 136, exceeding the red line of the supertrend indicator. This indicates the beginning of a new positive trend according to technical indicators.
Bulls will not reach $ 150’s psychological level because 23.60% Fibonacci level brake out is struggling to surpass $ 140. This powerful resistance level matches 38.20% Fibonaki.
Nevertheless, after repayment of 23.60%, Solana will witness a recovery rally for a long time. Optimistic, the $ 150 deer will return to 61.80% Fibonacci and reach $ 185 nearby.
On the contrary, the 23.60% Fibonacc level failure will be $ 120.
The active address jumps through the Solana network.
As Solana prepares for an extension rally, Active address We see a significant surge in the network. In April, the number of active addresses in the network increased from 2.97 million at the lowest level on the 30th to 4 million.
This increases the likelihood of increasing demand for Solana due to significant surge in activities.
Will Bulls dominate solana derivatives?
at DerivativeSOLANA has reached $ 53 billion in a 1.66%public interest and surge. This shows a positive increase in merchants’ interests as Solana recovers.
In addition, negative funding rate has gradually decreased, reaching -0.0051%in the last 24 hours. Among the opportunities for positive recovery Long position Solana derivatives exceeded 50% barrier.
This increases the possibility of a new bull run by pushing for a long and short ratio of more than one threshold.
