Solana (SOL), the world’s fifth-largest cryptocurrency by market cap, is poised for a massive price surge in the coming days following its major breakout. After struggling near the strong resistance level of $138 for almost two weeks, SOL broke through this level today with a strong bullish candle on the daily timeframe.
Solana (SOL) Price Prediction for September 14
According to technical analysis by experts, SOL seems bullish despite trading below the 200 Exponential Moving Average (EMA) on a daily time frame. In trading or investing, the 200 EMA is a technical indicator that shows whether an asset is in an uptrend or downtrend.
Based on historical price momentum, if the daily candle closes above the $138 level, there is a high probability that SOL will rise by 20% to the $163 level and further to the $185 level if the bullish sentiment continues.
SOL’s Bullish On-Chain Metrics
SOL’s optimistic outlook is further supported by on-chain metrics such as the long/short ratio, future open interest, and the OI-weighted financing rate.
Coinglass’s long/short ratio for SOL currently stands at 1.0454, indicating optimistic market sentiment among traders. This on-chain metric helps traders and investors identify market sentiment. At the time of writing, 51.11% of top traders held long positions in SOL, while 48.89% held short positions.
Meanwhile, SOL’s future open interest has increased by 4.5% over the past 24 hours and has been steadily rising. This indicates that traders are betting more on long positions than short positions. Traders and investors often consider a rising open interest and a long/short ratio above 1 while building long or short positions.
Furthermore, SOL’s OI-weighted financing rate is currently +0.0024%, indicating an optimistic outlook for Solana.
Current Price Momentum
At the time of going to press, SOL is trading around $139 and has experienced and experienced a price increase of more than 2.75% in the past 24 hours. Meanwhile, the trading volume has increased by 2.5% in the same period. This rising trading volume suggests higher participation from traders and investors following the recent breakout of a crucial resistance level.
This bullish thesis will only hold if SOL closes its daily candle above the resistance level, otherwise the price may fail.
