SOL, the native token of the Solana blockchain, is now gaining significant attention from experts and crypto enthusiasts following the formation of a bullish chart pattern on the daily time frame. Based on the bullish outlook, a prominent crypto expert recently posted on X (formerly Twitter) that SOL is poised to rebound towards the $225 or even $264 level.
$42 Million Worth SOL Outflow From Exchanges
With this bullish outlook, traders and investors have shown strong interest in the token and have been accumulating it, as revealed by the on-chain analytics firm Coinglass.
Data from spot inflow/outflow shows that exchanges have witnessed an outflow of $42 million worth of SOL tokens in the past 24 hours, indicating potential accumulation. This could lead to buying pressure and further upside momentum.
In addition to the rising interest from long-term holders, intraday traders seem to be betting on the bullish side.
$193 and $202 Solana’s Over-Leveraged Levels
At press time, traders are over-leveraged at $193 on the lower side and $202 on the upper side, with $60.22 million worth of long positions and $23.3 million worth of short positions. This liquidation level indicates that bulls are currently dominating the asset and can support SOL in the upcoming rally.
With strong participation from traders and investors, SOL’s trading volume has jumped by 15%, and its price has surged by 3.10% in the past 24 hours, currently trading near $197.20.
Solana (SOL) Price Action and Upcoming Level
According to expert technical analysis, SOL appears to be moving within a consolidation zone between the $188 and $202 levels for over a week. A breakout from this consolidation could propel the asset.
Based on recent price action, if SOL successfully breaches this level and closes a daily candle above $202, there is a strong possibility the asset could soar by 25% to reach the $255 level in the coming days.
Looking at the current market sentiment, which seems to be recovering, and these bullish on-chain metrics, it appears that bulls are currently dominating the asset and could support SOL in achieving its predicted target.
