Over the past two weeks, Solana (SOL) price has seen an exponential growth of over 40% and is on the edge of a breakout. The SOL bulls were eyeing to breach the cluster of $190 to extend the bullish rally toward the $200 mark.
The Solana has been traded inside a symmetrical triangle pattern for the past few weeks and has undergone a retracement. It recently retested the 200-day EMA mark and made a double-bottom formation.
Last week, bulls succeeded in smashing the pattern’s upward cluster of $165 and registered a breakout. Afterward, bulls did not take a break and continued to accumulate.
Fueled by the sustained buying pressure and consistent uptick, the SOL price seemed primed to extend the bullish leg toward the $200 mark.
In addition to the breakout, VanEck has submitted a request to the US SEC seeking approval to have a Solana ETF. However, the decision may only come next year, and various other factors may influence its finality.
Veteran investors are investing a lot of money into Solana’s performance in the Web3 space. The upcoming Solana ETF approval could also boost this crypto asset’s utility and value.
At press time, Solana was trading at $186.34 with an intraday surge of over 3.62%, revealing a buying momentum. Its market cap ranking was #5, with a market cap of $86.60 Billion.
SOL Price Ready to Revisit Its All-Time-High (ATH)?
Recently, the Solana coin signified a change in its dynamics and gained traction accompanied by a demand surge. In addition to the bullish breakout, the SOL coin was eyeing to break the immediate hurdle of $190 to revisit the round mark of $200.
Moreover, its price action highlighted that once the SOL price crosses the cluster of $200, the next bullish leg might lead SOL toward its ATH mark of $260.
This week, the Solana coin had a promising start, formed a three white soldiers pattern, and crossed the significant moving averages. In addition, a golden crossover was spotted, which gave a firm conviction for the short-term potential upside ahead.
Total Value Locked (TVL) Continued to Rise
Since the beginning of 2024, the TVL continued to rise and reached the yearly high mark of $5.473 Billion with an intraday positive change of 2.30%. That signified a bullish stance and positive sentiment among the investors.
However, the SOL price has reached the highest cluster of its upper Bollinger band, signifying a possible profit booking could take place soon. Still, the RSI and MACD indicators continued to direct the bullish view.
Social Dominance and Open Interest Summary
Amidst the significant price increase, the media buzz remained neutral for the Solana coin. The dominance curve stayed above the midline, at 4.53%, replicating a nominal discussion activity among the investors on social media platforms.
However, the futures trading activity peaked, and the Open Interest (OI) data continued to rise. It rose over 9.54% to $3.08 Billion, revealing the long additions in the past 24 hours.
Crypto Analyst @WorldofCharts tweeted that SOL price confirmed a breakout of a symmetrical triangle pattern and is ready for a significant rally ahead.
Surge In Liquidations
The short liquidations were at $2.24 Million at press time, whereas the long liquidations were at $140k. This data signified that sellers were in trouble and tried to cover their gains.
If the Solana fails to cross the immediate hurdle of $190, it could face a profit booking and might retest its prompt support levels of $180 and $172. Suppose it succeeds in smashing the $190 mark, the next upside hurdle would be around $200, followed by $210.
Notably, the Solana price climbed above the key moving averages and triggered a sharp rise. Along with the rise, the buyers have grabbed their upper hand and are willing for a next bullish leg toward the $200 mark.
 price continued rising and noted a breakout this week, technicals look robust, and it can soon revisit its all-time high mark.){kind=link}