Solana (SOL), the world’s fifth-biggest cryptocurrency by market cap is poised for a large value surge within the coming days following its main breakout. After struggling for almost two weeks close to the robust resistance stage of $138, SOL has damaged by this stage right now with a powerful bullish candle on the each day timeframe.
Solana (SOL) Value Prediction For September 14
In accordance with the skilled technical evaluation, SOL seems bullish regardless of buying and selling beneath the 200 Exponential Transferring Common (EMA) on a each day timeframe. In buying and selling or investing, the 200 EMA is a technical indicator that implies whether or not an asset is in an uptrend or downtrend.
Primarily based on the historic value momentum, if SOL closes a each day candle above the $138 stage, there’s a robust chance that it may soar by 20% to the $163 stage and additional to the $185 stage if the bullish sentiment continues.
SOL’s Bullish On-chain Metrics
SOL’s bullish outlook is additional supported by on-chain metrics similar to lengthy/quick ratio, future open curiosity, and OI-weighted funding charge.
Coinglass’s lengthy/quick ratio for SOL at present stands at 1.0454, indicating merchants’ bullish market sentiment. This on-chain metric helps merchants and buyers to establish the market sentiment. At press time, 51.11% of prime merchants maintain lengthy positions in SOL, whereas 48.89% maintain quick positions.
In the meantime, SOL’s future open curiosity has elevated by 4.5% within the final 24 hours and has been steadily rising. This means that merchants are betting extra on lengthy positions moderately than quick positions. Merchants and buyers usually think about rising open curiosity and a protracted/quick ratio above 1, whereas constructing lengthy or quick positions.
Moreover, SOL’s OI-weighted funding charge at present stands at +0.0024%, indicating a bullish outlook for Solana.
Present Value Momentum
At press time, SOL is buying and selling close to $139 and has skilled and has skilled a value surge of over 2.75% within the final 24 hours. In the meantime, its buying and selling quantity has by 2.5% throughout the identical interval. This rising buying and selling quantity suggests larger participation from merchants and buyers following the current breakout of an important resistance stage.
This bullish thesis will solely maintain if SOL closes its each day candle above the resistance stage, in any other case, it could fail.
