Can Solana Price Reclaim Its All-Time High of $295.83?
Solana (Sol) is down 14% from its all-time high of $295.83 reached on January 19. Despite the decline, bullish sentiment remains strong as market participants ease profit-taking.
This shift signals the potential for a rebound, with SOL poised to retest its all-time high and possibly exceed it. Here’s a detailed analysis of the factors supporting this outlook.
Solana Bulls try to recapture all-time high
Today, net inflows into the Solana spot market are picking up again, signaling renewed investor interest in the cryptocurrency. The shift comes after altcoins experienced a day Total net outflows $137 million, the highest level in the past 30 days.
As a result of these capital inflows, SOL prices have climbed It rose 9% in the past 24 hours. When an asset records net inflows into its spot market, it indicates that buying activity exceeds selling activity, leading to increased demand. This reflects growing investor confidence and a shift toward accumulation.
also, Open Interest on SOL An 11% surge in the past 24 hours confirmed the surge in demand for the altcoin. As of this writing, that number stands at $7.25 billion.
Open interest refers to the total number of open derivatives contracts that have not yet been settled. When it rises during price increases, it indicates increased engagement and belief among traders. It indicates strong bullish momentum and the potential for continued gains.
SOL price Prediction: Back to ATH or Drop to $239.39?
On the daily chart, SOL’s Relative Strength Index (relative strength index) reflects the growing demand for altcoins. As of press time, the indicator is in an upward trend and sits at 67.49.
RSI measures market conditions when an asset is oversold and overbought. It ranges from 0 to 100, with values above 70 indicating that the asset is overbought and a correction is likely. On the other hand, values below 30 indicate that the asset is oversold and may be due for a rebound.
SOL has an RSI of 67.49, indicating that it is in bullish territory with strong buying momentum, but is not overbought yet. If accumulation strengthens, SOL prices could return to all-time highs.
However, a surge in selling would invalidate this bullish outlook. In that scenario, The price of SOL may drop to $239.39.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
