Solana (SOL) is currently trading near a critical support zone at $145, following a 26% surge since the Federal Reserve announced interest rate cuts on September 18. After this sharp rise, SOL experienced a slight 10% dip, but the overall market sentiment remains optimistic.
Many analysts and investors hope Solana will reach new all-time highs by the end of the year, driven by positive macroeconomic trends and the growing confidence in the crypto market. Key data from Coinglass reveals a rising funding rate, which indicates increasing bullish sentiment among traders.
This suggests that the recent price correction might only be a temporary pause before another leg higher. Investors are closely monitoring SOL's price action, with expectations that a sustained break above $150 could pave the way for a new rally toward uncharted territory.
Solana (SOL) is currently holding firm above a crucial support level following a small dip that affected the entire market yesterday. Despite this minor setback, the sentiment among investors and traders remains overwhelmingly positive. Many expect SOL to rally and surpass multi-month highs, given the recent strength in its price action.
Key data from Coinglass highlights that Solana's funding rate has been on an upward trend since mid-September. A rising funding rate is a bullish indicator, signaling growing demand for a token. This suggests that more traders are betting on the token’s future appreciation, expecting higher prices in the coming weeks.
Solana (SOL) is currently trading at $145, holding strong above the daily 200 exponential moving average (EMA) at a critical support level of $140. This key area has proven to be a solid foundation for the price, and if bulls want to ignite an upward rally, they must defend this support zone.
For momentum to shift decisively upward, SOL needs to break past the daily 200 moving average (MA), which sits at $154. A close above the 200 MA would likely trigger a bullish rally, potentially pushing the price toward higher targets.
