On November 23, Solana reached a new all-time high, though it did not continue its rise to $300 as some speculated. However, traders remain optimistic about Solana’s recovery, fueled by a bullish market sentiment.
According to data from Coinglass, Solana's Long/Short ratio is at 1.17, indicating a bullish position with 54% of traders anticipating a price increase. This optimism is further supported by an increase in Solana’s Transaction Rate, signaling rising user engagement with the cryptocurrency.
Additionally, Solana’s price has surged above the 20 and 50 Exponential Moving Averages on the weekly chart. This formation of a bull flag pattern strengthens the bullish outlook, suggesting that Solana could continue its upward momentum.
If current trends hold, SOL's price may rise towards $325, provided there’s no significant selling pressure, which could otherwise drive the price below $200. The ongoing bullish momentum reflects traders’ positive sentiment and anticipation of further price gains.
