After a drop in prices of more than 25% in recent days, Solana (soil) has been ready for a massive increase rally, after having formed an bull price action model over the four -hour period. These upward perspectives have attracted notable investors and traders to assets, as revealed by the Coiginglass chain analysis company.
$ 25 million Solana (soil)
The data on occasional inputs and outputs revealed that, while the soil price reached the crucial level of support of $ 190, the exchanges through DEFI attended an exit of more than $ 25 million in ground tokens. This substantial exit of exchanges indicates a potential accumulation and could create a purchase pressure and an upward momentum, which Sol is currently experiencing.
Sol is currently negotiating nearly $ 197 and has jumped 1.50% in the last 24 hours. However, these price gains seem to increase regularly, indicating a bullish change in the feeling of the market. During the same period, its negotiation volume fell 40%, which suggests a lower participation of traders and investors compared to previous days.
$ 90 million worthy of Paris on long floor positions
By examining the current price recovery and the change of feeling of the market, the intraday traders are betting on the long side, as revealed by Corglass data.
According to the data available, at the time of the press, traders occupying long positions are over-exposed to $ 188.8, believing that the soil price will not fall below this level. They opened long positions worth $ 90.50 million. Conversely, $ 197.50 is another key level where merchants occupying short-term positions are over-designed, currently having $ 33.70 million in short positions.
These data show that bets on the long side are much higher than short positions, indicating that investors think that the soil price will not fall below the level of $ 188.80 in the coming days.
Solana (soil) Action of upcoming prices and levels
According to an expert technical analysis, Sol is at a crucial level of support of $ 189, aligning with the exponential mobile average (EMA) on the daily time.
In addition, the asset is ready for a break above the resistance of descending trends, which has faced since January 20, 2024.
Based on recent prices action, if Sol crosses this level of resistance and closes a four -hour candle of more than $ 200, there is a strong possibility that it can mount 15% to reach $ 230 in the future close.
