Solana Rally Imminent? $24 Million of SOL Moves from Exchanges
After prices fell more than 25% in recent days, Solana (Sol) is expected to hold a massive upward rally and form a bullish price action pattern over a four-hour timeframe. As chain analytics firm Coinglass reveals, this bullish outlook has attracted well-known investors and traders into the assets.
$25 million Solana (Sol) outflow
Spot inflows and outflows show that as Sol prices reach critical support levels, Defi’s exchange witnessed the outflow of Sol tokens worth more than $25 million. The massive outflow of communications suggests potential accumulation that may create buying pressure and upward momentum, which SOL is currently experiencing.
SOL is currently trading at close to $197, soaring 1.50% in the past 24 hours. However, these price increases appear to be steadily rising, indicating a bullish shift in market sentiment. During the same period, its trading volume fell by 40%, with traders and investors lower participation rates compared to previous days.
Valued at $90 million, worth Sol’s long position
Considering the current price recovery and shift in market sentiment, bets on the long side as revealed by Coinglass Data.
According to available data, at press time, traders holding long-term positions leveraged at $188.8, believing that Sol’s price will not be below this level. They have opened long positions worth $90.5 million. Instead, $197.50 is another key level, with traders holding short positions over-leverage and currently holding $33.7 million in short positions.
The data suggests that long-term bets are significantly higher than short positions, suggesting investors think Sol will not be priced below $188.80 in the coming days.
Solana (Sol) price action and upcoming levels
According to expert technical analysis, the critical support level of SOL is $189, consistent with the 200 exponential moving average (EMA) in the daily time range.
In addition, the asset is expected to break through above the trend line resistance it has been facing since January 20, 2024.
According to recent price action, if SOL violates this resistance level and closes the four-hour candle for over $200, it is likely to reach 15% in the near future.
