Solana (SOL) recently broke past the crucial 4-hour resistance at $130, attracting significant investor attention. This breakout signals potential bullish momentum and anticipated price surges in the coming months. Many analysts see Solana's recent performance as a sign of strength, forecasting further gains.
Coinglass's on-chain metrics, including the positive Open Interest-Weighted Funding Rate, suggest a strong bullish sentiment among traders. This metric highlights expectations for rising prices, indicating that a short-term rally for Solana may be imminent if market conditions remain favorable.
Solana is currently testing local supply and attempting to surpass the daily resistance at $138. For the bullish outlook to hold, SOL must break and close above $138, potentially leading to higher price targets. Market watchers closely monitor Solana's price action to gauge the likelihood of a significant rally.
SOL's current trading level is $135, nearing the 4-hour 200 EMA at $141.14. Reclaiming this EMA could signal a significant upward move toward the $160 supply zone. However, failure to break $135 resistance might result in a retracement to lower demand levels, with $126 as a potential support.
