Solana price has shown a slight recovery over the past 24 hours, following an overall rebound in the crypto market.
SOL price is above the support level of $130, SOL has experienced a significant increase in trading volume as it reached at 4.91 billion, an increase of 66%.
Bitcoin price overcame the $91,000 mark, and Solana jumped by almost 5%, as the bulls worked to overcome the overhead trendline of resistance.
Analyst Predicts Solana Price to Surge Toward $150+
Solana price recently escaped a falling wedge trend, which is an indicator of the possible upward tendency. This breakout has also witnessed a re-test of the resistance line by the price, which is a good indication of the future price action.
The market is seen to be bullish at this point, and the usual upward momentum is likely to be observed.
In the near future, the next major level of resistance will be at the price level of $156. In case the price moves in the same direction, it can reach this resistance area in the next few days.
The futures Open Interest (OI) of Solana remains healthy at more than 7billion, showing consistent capital flow in SOL derivatives. The turnover has increased by a large margin of 47.86 to 16.14 billion.
According to CoinGlass, the futures OI of Solana is 7.16 billion, which does not show significant changes over the past 24 hours.
Source: CoinglassBitwise ETF Records Major $65 Million Inflow into Solana
Last week, the Solana (SOL) ETF by Bitwise Invest recorded an inflow of an extraordinary inflow of 65.1 million. This inflow points out to increased institutional interest in Solana, with financial sector giants piling more of the cryptocurrency.
The large investment follows a larger trend of institutions getting more involved with Solana, indicating their belief in its potential in the long term. With an increase in the inflow of capital in Solana, the market is bound to experience additional growth in its usage and price trend.
This institutional activity is a definite indicator that the standing of Solana in the crypto market is solidifying, and many are now keenly looking at its future development.
Will Solana Price Reach $150 in Coming Days?
The SOL price has recently shown a slight upward movement, currently at $136, reflecting a +4% increase in the last four hours.
The immediate resistance at $136 is critical. A breakout above this could propel the detailed Solana price analysis to $140 with a longer-term target of $150.
The levels of $130 are also a good support level, and any drawback to this level may attract buying. Any violation below $130. would indicate a further fall.
Source by TradingViewThe MACD (Moving Average Convergence Divergence) indicator indicates an upward change in momentum. This indicates the possibility of an increase in the moves upward over the short run.
The Chaikin Money Flow (CMF) stands at 0.11, signifying that there is positive market back sentiment and inflows of capital, which can be used to sustain the currently bullish trend.
Source: https://coingape.com/markets/solana-price-set-for-150-as-bullish-sentiment-rises-in-crypto-market/
