Breakout Alert! Solana Price Prediction for August 7
coinpedia.org 06 August 2024 22:01, UTC -
Solana (SOL) has given a crucial breakout above $145, and there is a high chance it could soar to the $161 level.
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With a massive price surge of over 15%, SOL has outperformed BTC, ETH, and BNB.
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Solana’s open interest has skyrocketed by 17% in the last 24 hours.
After a massive price crash, the overall cryptocurrency market has experienced a significant upside move in the last 24 hours. Amid this, Solana (SOL) the world’s fifth-biggest cryptocurrency has gained massive attention from crypto enthusiasts following its substantial price surge.
Breakout in Solana (SOL)
During the price crash, SOL reached the lowest level of $109.66. Since then, it has experienced a notable price surge of over 33%. However, this price surge has caused a crucial breakout of the $145 level in the 4-hour time frame.
SOL price analysis
At press time, SOL is trading near $147 and has experienced a notable price surge of over 15% in the last 24 hours. Despite this massive price surge, its trading volume has dropped by 56% during the same period.
Meanwhile, SOL’s open interest (OI) has skyrocketed by over 17%, in the last 24 hours. This significant surge in OI indicates higher interest from investors and whales.
Solana outperforms BTC, ETH, and BNB
With its massive price surge, SOL has outperformed top assets including Bitcoin (BTC), Ethereum (ETH), and BNB (BNB) in terms of price increase. According to coinmarketcap, SOL has experienced a price jump of over 15%, whereas, BTC, ETH, and BNB have seen only 7%, 4.5%, and 7.5%, respectively, in the last 24 hours.
Solana price prediction
According to expert technical analysis, SOL looking bullish as it is trading above the 200 Exponential Moving Average (EMA) and recently gave a breakout of a crucial resistance level of $145.
Following this breakout, there is a high chance it could soar another 10% to the $161 level. However, if investors’ interest and market sentiment remain bullish then SOL could soar to $185 to its next resistance level.
This breakout and this surge in open interest will be potentially responsible for the upcoming bullish rally in the coming days.
SOL’s major liquidation level
As of now, SOL’s major liquidation levels are at $136 on the lower side and $153 on the upper side, according to an on-chain analytic firm CoinGlass.
If the market sentiment remains unchanged and SOL soars to the $153 level, nearly $86 million worth of short positions will be liquidated. Conversely, if sentiment changes and SOL falls to the $136 level, nearly $162.5 million worth of long positions will be liquidated.
