Solana (SOL) Surges Past $130 Resistance As Funding Rate Signals Bullish Momentum

Quick Summary:

Solana On-Chain Metrics Suggest Strength   Solana is currently testing local supply and attempting to break past a crucial daily resistance level at $137l, as on-chain metrics from Coinglass reveal a strong bullish sentiment among traders and investors.  One key metric highlighting this bullish sentiment is Solana’s Open Interest (OI)-Weighted Funding Rate, which currently stands at +0.0068%.

On-Chain Metrics Suggest Investors Optimism However, if Solana fails to break past the $135 resistance, a retracement to lower demand levels is likely.$126 is the buyers’ next potential support level to step in and prevent a price drop.

Related Reading: Avalanche (AVAX) Ready To Target $28: Investors Expect A Reversal As the market evolves, traders will closely watch Solana’s price action and market structure to gauge whether a significant rally is imminent.

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Article Details

Author / Journalist: Sebastian Villafuerte

Category: Crypto

Markets: United Kingdom

Topics: Solana Solana Analysis SOL Price Solana Bullish SOLUSDT SOL technical analysis Solana ( SOL) SOL funding rate Solana Price

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-10 @ 18:00:34 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 522 words

Reading Time: 3 minutes read

Sentences: 63 lines

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Copyright Owner: © NewsBTC

News ID: 22452304

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