Solana (SOL) reached a new all-time high on November 23, sparking optimism among traders. While SOL hasn’t yet hit $300, recent data suggests traders remain confident in a rebound.
Trader Sentiment: Long Positions Outnumber Shorts
According to Coinglass, Solana’s Long/Short ratio on the 1-hour chart is at 1.17, showing bullish sentiment among traders. Currently, 54% of Solana traders hold long positions, compared to 46% expecting a decline below $255.
This optimistic outlook coincides with a rise in Solana’s Transaction Rate. Glassnode data highlights increased user activity on Solana’s blockchain, a positive indicator for its price performance. If the Transaction Rate continues climbing, SOL could surpass its all-time high.
Technical Indicators Signal Upward Momentum
On the weekly chart, Solana trades above the 20 and 50 Exponential Moving Averages (EMAs). These key indicators confirm a bullish trend as long as the price stays above them.
Additionally, SOL has formed a bull flag pattern. This continuation signal suggests that once the price breaks out, it typically continues its previous upward movement. With SOL priced at $255, the token appears set to test $325 in the near term.
Upside and Downside Scenarios
If buying pressure continues, SOL could climb to $325 or higher. However, selling pressure could reverse this trend, pushing SOL below $200.