How Solana’s On-Chain Data Supports a Rise to $185

Contributor

• With the recent market correction, SOL has successfully rebounded from the breakout level of its double bottom pattern and is now targeting $165.
• By analyzing on-chain metrics alongside technical indicators, it appears that bullish traders are in control of SOL.

Following a significant price pullback, the broader cryptocurrency market has started to show upward momentum. In this context, Solana [SOL], ranked fifth among cryptocurrencies by market cap, is looking bullish and poised for a major rally.

Solana Technical Analysis and Key Levels

The latest insights from AskFX’s technical analysis reveal that SOL has effectively retested the breakout level established by a bullish double bottom price pattern and is advancing toward the $165 target.

SOL also seems to be forming a bullish inverse head and shoulders pattern on daily charts. This formation will only be validated once SOL reaches $165. As things stand, it appears likely that SOL could easily achieve this target. A subsequent upside breakout above $165 could signal even stronger bullish trends ahead.

An optimistic scenario may see SOL rise to around $185 in the coming days if these patterns hold true. Trader sentiment continues to lean positive as they remain broadly bullish on this asset.

Positive On-chain Metrics

S OL ‘s constructive outlook has been bolstered by data from an analytics provider focused on blockchain activity. Coinglass indicates that the long/short ratio for SOL over a four-hour period stands at 1.089 — reflective of robust optimism among traders . span > p > In addition , open interest levels are climbing steadily , up 2 .9 % within just four hours . The increasing open interest implies more positions are being taken as traders react positively to recent price movements testing crucial breakout levels . span > p > “On-chain activity typically signals positive trends when higher open interest accompanies long/short ratios above 1,” allowing traders to confidently establish long positions based on strong sentiment readings contributing towards prudent trading strategies.” span>” } }}}”>{{{i = N/A” Eff6[>>clin 신고>}{19%%” -); ”’.)=High >–노다람다 =up déplacer({612601.uk/)n>{410908.consolidaciones;30