The Solana (SOL) coin price recorded a sharp upward movement and exceeded the $150 mark. It revealed strong buying interest, and bullish marubozu candlesticks were formed in the past two sessions.
The Solana (SOL) coin has just initiated the range breakout, and it may stretch toward the $200 mark in the following sessions. The downside is capped at $140, where the upside has an open space.
At press time, the Solana coin (SOL) price traded at $163.20 with an intraday rise of 13.20%, reflecting bullishness on the charts. It has a monthly return ratio of -17.89% and 689.25% yearly.
The pair of SOL/BTC is at 0.00246 BTC, and the market cap is $73.39 Billion. Analysts are bullish and suggest that the SOL price may continue to deliver the upward movement and reach the $200 mark soon.
Let’s Understand the Potential of Solana Coin Through Its Price Action
The Solana (SOL) price has breached the neckline hurdle of $150 on the daily charts, and fresh buying momentum was noted.
Going forward, the coin has escaped its significant moving averages and reached free space. On the contrary, if profit booking came, Solana (SOL) might retest the round mark of $150.
Source: Santiment
As the downward trendline breached, the SOL coin brought momentum and surged over 27% this week. Apart from that, the key indicators highlight a strong buy outlook.
Price Volatility and Weighted Sentiment Data Reflects Bounce
Following the bounce, the price volatility curve reflected a sharp spike of over 35% to the 0.041 mark, revealing the investor speculation.
A bullish wave was noted across the crypto market, and the weighted sentiment data articulates the positive outlook.
Sharpe Ratio
On a monthly analysis, the Sharpe Ratio indicator referred to positive data, as the SOL coin has outperformed in the past weeks.
Source: Messari
Its value reached the positive mark of 2.65, articulating the buying momentum.
Daily Active Addresses Noted a Bounce
This week, active addresses data noted a significant bounce and highlighted the growth in the Solana Network.
Source: Artemis
At the press time, the active address was noted at 1.2 Million. If the bullish wave and active addresses continue to uplift, the SOL price will soon touch $200.
Futures Open Interest Insights
Following the price surge, sharp long additions were made in the past two sessions.
Source: coinglass
The open interest activity noted a surge of over 22.82% to $2.12 Billion in the intraday session, highlighting the bullish momentum. The immediate support levels for the Solana (SOL) coin are $155 and $150, whereas the key upside hurdle is around $172, followed by $185.
Conclusion
The Solana (SOL) coin revealed massive bullish momentum and surged over 25% in the last three sessions. Moreover, the coin trades in an uptrend and might reach the $200 mark soon.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
