Solana Bull Run Imminent? $42M SOL Outflow Sparks Optimism
Sol is the local token for the Solana blockchain and now after forming a bullish chart pattern over the time frame of the day, both experts and crypto enthusiasts have attracted great attention from experts and crypto enthusiasts. According to Blulish Outlook, a well-known crypto expert recently posted on X (formerly Twitter), SOL is expected to rebound to the $225 or even $264 level.
Exchange of $42 million SOL outflow
With this bullish outlook, traders and investors show strong interest in the token and are accumulating it, as Chain Analytics firms reveal Small shop.
Data from spot inflows/outflows suggests that the exchange has witnessed the outflow of $42 million worth of SOL tokens over the past 24 hours, indicating potential accumulation. This could lead to buying pressure and further upward momentum.
In addition to rising interest from long-term holders, intraday traders appear to be betting on bullish terms.
Over-leverage levels for $193 and $202 for Solana
At press time, traders had a high leverage ratio of $193 on the lower side, $202 on the upper side, a long position worth $60.22 million and a short position worth $23.3 million. This liquidation level suggests that the Bulls are currently dominating the assets and can support SOL in an upcoming rally.
Sol’s trading volume has increased by 15% with strong participation from traders and investors, and its price has soared 3.10% over the past 24 hours, and is currently trading close to $197.20.
Solana (Sol) price action and upcoming levels
According to expert technical analysis, SOL appears to be moving within the merger area between $188 and $202 in the week. Breakthroughs from such mergers can drive assets.
According to recent price action, if Thor succeeds in breaching this level and shutting down the daily candle, then there is a good chance that the assets will soar 25% over the next few days to reach the $255 level.
Looking at the current market sentiment seems to be recovering, these bullish chain indicators seem to be dominating assets at the moment and can support SOL to achieve its predicted goals.
