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Solana (SOL) made a decisive breakout above $145 and there is a good chance it could rise to $161 levels.
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With a sharp price increase of more than 15%, SOL has outperformed BTC, ETH and BNB.
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Solana’s open interest has skyrocketed by 17% in the last 24 hours.
After a massive price drop, the overall cryptocurrency market has seen a significant rally in the last 24 hours. Against this backdrop, Solana (SOL), the world’s fifth-largest cryptocurrency, has attracted a lot of attention from crypto enthusiasts after its significant price jump.
Breakthrough in Solana (SOL)
During the price crash, SOL hit a low of $109.66. Since then, it has seen a notable price increase of over 33%. However, this price increase triggered a decisive breakout of $145 in the 4-hour time frame.
SOL Price Analysis
At press time, SOL is trading around $147 and has seen a notable price increase of over 15% in the last 24 hours. Despite this huge price increase, trading volume has fallen by 56% over the same period.
Meanwhile, SOL’s open interest (OI) has skyrocketed by over 17% in the last 24 hours. This significant spike in OI indicates higher interest from investors and whales.
Solana Outperforms BTC, ETH, and BNB
With its huge price increase, SOL has outperformed leading assets including Bitcoin (BTC), Ethereum (ETH), and BNB (BNB) in terms of price growth. According to coinmarketcap, SOL has seen a price jump of over 15%, while BTC, ETH, and BNB have seen only 7%, 4.5%, and 7.5%, respectively, in the last 24 hours.
Solana Price Forecast
According to expert technical analysis, SOL looks bullish as it is trading above the 200-period exponential moving average (EMA) and recently broke above the important resistance level of $145.
After this breakout, there is a good chance that it could soar another 10% to $161. However, if investor interest and market sentiment remain bullish, SOL could soar to $185 before its next resistance level.
This breakout and this surge in open interest will potentially set the stage for an upcoming bullish rally in the coming days.
Basic SOL Liquidation Level
According to analytics firm CoinGlass, the current major liquidation levels for SOL are $136 at the low end and $153 at the high end.
If market sentiment remains unchanged and SOL soars to $153, short positions worth about $86 million will be liquidated. Conversely, if sentiment changes and SOL falls to $136, long positions worth about $162.5 million will be liquidated.
