Solana (SOL), the world’s fifth-biggest cryptocurrency by market cap is poised for a enormous rate rise in the coming days following its significant breakout. After havingahardtime for almost 2 weeks near the strong resistance level of $138, SOL has damaged through this level today with a strong bullish candlelight on the day-to-day time frame.
Solana (SOL) Price Prediction For September 14
According to the professional technical analysis, SOL appears bullish regardlessof trading listedbelow the 200 Exponential Moving Average (EMA) on a day-to-day time frame. In trading or investing, the 200 EMA is a technical indication that recommends whether an possession is in an uptrend or drop.
Based on the historic rate momentum, if SOL closes a day-to-day candlelight above the $138 level, there is a strong possibility that it might skyrocket by 20% to the $163 level and evenmore to the $185 level if the bullish belief continues.
SOL’s Bullish On-chain Metrics
SOL’s bullish outlook is evenmore supported by on-chain metrics such as long/short ratio, future open interest, and OI-weighted financing rate.
Coinglass’s long/short ratio for SOL presently stands at 1.0454, suggesting traders’ bullish market belief. This on-chain metric assists traders and financiers to determine the market belief. At press time, 51.11% of top traders hold long positions in SOL, while 48.89% hold brief positions.
Meanwhile, SOL’s future open interest hasactually increased by 4.5% in the last 24 hours and hasactually been gradually increasing. This suggests that traders are wagering more on long positions rather than brief positions. Traders and invest