Solana Traders Bet on Bullish Rebound
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Traders Show Confidence in SOL
According to Coinglass, Solana’s Long/Short ratio on the 1-hour timeframe has risen to 1.17, indicating that 54% of traders hold long positions, expecting a price increase. This bullish sentiment contrasts with the 46% betting on a decline below $255.
Driving this confidence is Solana’s rising Transaction Rate, a key indicator of blockchain activity and user engagement. Data from Glassnode shows that an increase in transaction activity often correlates with price growth.
Bullish Indicators Support SOL’s Momentum
On the weekly chart, Solana’s price has surged above the 20 and 50 Exponential Moving Averages (EMAs), signaling a strong upward trend. Additionally, the formation of a bull flag—a continuation pattern—further supports the bullish outlook.
If SOL maintains its position above the upper trendline of this pattern, analysts predict a potential climb toward $325. However, selling pressure could disrupt this trajectory, with a drop below $200 possible if momentum falters.
Price Prediction: What’s Next for SOL?
Solana’s current upward momentum and strong on-chain activity suggest further upside potential. However, traders should monitor market conditions closely as volatility remains a key factor. If bullish sentiment prevails, SOL could soon challenge new highs.