Solana (SOL) has jumped 6% in the past 24 hours, fueled by a rise in long positions and increased market activity. This surge reflects renewed confidence in SOL’s short-term price recovery.
Solana’s Long/Short Ratio Shows Growing Bullish Sentiment
The long/short ratio for Solana indicates a strong bullish trend. Currently, the ratio stands at 1.01, signaling that more traders are betting on SOL’s price increasing rather than falling.
🔹 What is the Long/Short Ratio?
- Above 1 → More long positions, indicating bullish sentiment.
- Below 1 → More short positions, signaling bearish expectations.
With SOL’s ratio above 1, traders are clearly expecting further price gains.
Open Interest Rises, Strengthening Bullish Outlook
Another key factor driving SOL’s momentum is its rising open interest (OI). At press time, SOL’s open interest is $4.11 billion, up 11% in a day.
🔹 Why Does Open Interest Matter?
- High open interest means more traders are entering positions, boosting market participation.
- A rise in OI often signals a strengthening trend, suggesting continued bullish momentum.
This influx of capital into SOL’s derivatives market further supports the idea that traders expect prices to rise.
Can Solana Break Past $135 and Reach $160?
Currently, SOL is trading at $133.01, just below the key $135.58 resistance level.
✅ If buying pressure increases, SOL could flip $135.58 into support, potentially pushing its price to $160.18.
❌ If bears regain control, SOL may drop back to $126.32, erasing recent gains.
Final Thoughts
Solana’s price surge, rising long positions, and increasing open interest all point to strong bullish sentiment. If demand remains high, SOL could soon test the $160 level. However, a lack of buying pressure could lead to a short-term pullback.
