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Solana (SOL) is currently trading at $145, near a key support zone, having soared 26% since the Federal Reserve announced interest rate cuts on September 18th. After this surge, SOL experienced a modest 10% decline, but overall market sentiment remains optimistic.
Many analysts and investors expect Solana to hit new all-time highs by the end of the year due to favorable macroeconomic trends and growing confidence in the crypto market.
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Key data from Coinglass reveals an increase in funding rates, indicating growing bullish sentiment among traders. This suggests that the recent price correction may only be a temporary pause before rising further.
Investors are closely monitoring SOL’s price movements, hoping that a sustained break above $150 could pave the way for another rally into uncharted territory. All eyes are now on how Solana will overcome this important support level, with both short-term traders and long-term holders looking forward to a positive outlook in the coming weeks.
Solana is preparing for the gathering.
Solana (SOL) is currently holding firm above a key support level after a small decline that affected the overall market yesterday. Despite this minor setback, sentiment among investors and traders remains overwhelmingly positive. Given the strength of the recent price action, many expect SOL to rise and surpass multi-month highs.
Important data from Coinglass highlights that Solana’s funding rate has been trending upward since mid-September. Yesterday, it reached 0.0127%, the highest level since late July. An increase in funding rate is usually a bullish indicator of increasing demand for the token.
The funding rate is a mechanism used in perpetual futures contracts and can be either positive or negative. Adjusts based on the price difference between the perpetual contract and the spot price and interest rates. When the funding rate is positive, buyers (longs) make payments to sellers (shorts), promoting convergence between futures and spot prices.
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This increase in SOL’s funding rate suggests that more traders are betting on the token’s future price appreciation, expecting the price to rise in the coming weeks. The potential for significant upside remains strong as Solana maintains its current support and points to strong market fundamentals. Investors are now watching to see if Solana can break through the next resistance level and confirm the start of a new bullish phase.
SOL test demand
Solana (SOL) is currently trading at $145 and is holding firm above the daily 200 Exponential Moving Average (EMA) at $140, a key support level. This key area has proven to be a solid foundation for the price, and bulls will need to defend this support zone if they want to ignite an uptrend. For momentum to definitively shift to the upside, SOL needs to break above the daily 200 moving average (MA) at $154.
A close above the 200MA could trigger a bullish rally and push the price towards higher targets. However, failure to hold this important support and an exit above these levels could lead to an extended sideways consolidation or, in the worst case scenario, a deeper correction. In such a scenario, the next demand zone would be around $110, a key support level where buyers could rally if the market enters a bearish phase.
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For now, the $140 support level remains the boundary for Solana’s price action. Traders are keeping a close eye on whether SOL can break through key resistance levels and continue higher, or if a potential correction is on the horizon.
Featured image from Dall-E, chart from TradingView
