Solana Price Overview
A closer examination reveals that the price range of $18 to $19 has become a stronghold of buying interest for bullish investors. The uptick in Chaikin Money Flow (CMF) on the daily timeframe suggests that swing traders might be gearing up for a significant move in favor of Solana. Furthermore, the presence of a rising order block (OB) bolsters the likelihood of a price reversal. While the Relative Strength Index (RSI) remains below the neutral 50, its sideways movement indicates an equilibrium between buying and selling pressure.
Consequently, an upsurge in demand within the ascending OB may signal that buyers are swiftly reclaiming the psychological level of $20 and setting their sights on the price range between $22 and $22.5. Conversely, a breach of the rising OB could indicate that sellers are aiming for a retest of the lowest level seen in the previous upward rally, around the $16 price range.
The Future of Solana Coin
According to data from Coinalyze, there has been a moderate uptick in Open Interest as the price fluctuates around the $19 price level. Over the past day, Open Interest has increased by $11 million, signaling that millions of dollars have entered the futures market with expectations of a rebound from the $19 price level.
Similarly, it has been observed that long positions hold a significant portion of open contracts on the exchange. At the time of writing, long positions account for a 51.33% share in the daily timeframe. Collectively, these factors could pave the way for a robust upward movement for SOL in the near future.