Solana (SOL), the world’s fifth-biggest cryptocurrency by market cap is poised for an enormous value surge within the coming days following its main breakout. After struggling for almost two weeks close to the sturdy resistance degree of $138, SOL has damaged by means of this degree at this time with a powerful bullish candle on the day by day time-frame.
Solana (SOL) Worth Prediction For September 14
Based on the skilled technical evaluation, SOL seems bullish regardless of buying and selling under the 200 Exponential Shifting Common (EMA) on a day by day time-frame. In buying and selling or investing, the 200 EMA is a technical indicator that means whether or not an asset is in an uptrend or downtrend.
Based mostly on the historic value momentum, if SOL closes a day by day candle above the $138 degree, there’s a sturdy chance that it might soar by 20% to the $163 degree and additional to the $185 degree if the bullish sentiment continues.
SOL’s Bullish On-chain Metrics
SOL’s bullish outlook is additional supported by on-chain metrics corresponding to lengthy/brief ratio, future open curiosity, and OI-weighted funding price.
Coinglass’s lengthy/brief ratio for SOL at present stands at 1.0454, indicating merchants’ bullish market sentiment. This on-chain metric helps merchants and buyers to determine the market sentiment. At press time, 51.11% of prime merchants maintain lengthy positions in SOL, whereas 48.89% maintain brief positions.
In the meantime, SOL’s future open curiosity has elevated by 4.5% within the final 24 hours and has been steadily rising. This means that merchants are betting extra on lengthy positions reasonably than brief positions. Merchants and buyers typically think about rising open curiosity and a protracted/brief ratio above 1, whereas constructing lengthy or brief positions.
Moreover, SOL’s OI-weighted funding price at present stands at +0.0024%, indicating a bullish outlook for Solana.
Present Worth Momentum
At press time, SOL is buying and selling close to $139 and has skilled and has skilled a value surge of over 2.75% within the final 24 hours. In the meantime, its buying and selling quantity has by 2.5% throughout the identical interval. This rising buying and selling quantity suggests greater participation from merchants and buyers following the latest breakout of a vital resistance degree.
This bullish thesis will solely maintain if SOL closes its day by day candle above the resistance degree, in any other case, it might fail.
