SOL USD Aims For Reversal: Is A Bottom Reached For Solana Price?

The last time we looked, Solana (SOL) was facing challenges, as its price had dropped below $130. Since then, it has found some stability and is currently trading at



.

Over the past 24 hours,

Solana
SOL

$139.50


2.58%

Solana
SOL


Price

$139.50

2.58% /24h





Volume in 24h

$7.05B


Price 7d

has increased by 2% on the daily chart. Further investigation of the weekly chart indicates that SOL has established a bottom near $130, and a rebound might be imminent for its price movement to retest the $250 mark.

Since the start of November, SOL has been under selling pressure that led to a decrease in its price from $180, resulting in a V-shaped recovery pattern on the short-term chart. This pattern typically suggests a potential reversal following a significant drop.

After SOL’s price dipped below $130, buyers rushed in to seize the cryptocurrency at lower prices, helping to elevate its price again. Concurrently, the RSI (Relative Strength Index) has risen from 28 to a current value of 43, indicating that there is still potential for growth before reaching the overbought threshold.

(Source: X)

Should this momentum continue, SOL might see its price rise to $170, which currently serves as a barrier level. At present on the 4-hour chart, SOL has successfully regained its 20-day EMA at $139 and is on its way to retesting the 50-day EMA at $144.

(Source: TradingView)

The $130 threshold has ignited notable rallies historically. One surge propelled SOL from $127 to $265 in just two months last year, while another caused its price to double from $130 to $250 from June to September this year.

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SOL Spot Buyers Step In: Price Recovery Brewing?

If CoinGlass data is accurate, interest in the SOL futures crypto market is reviving after a period of inactivity. In the past 24 hours, the total open futures positions, known as open interest, has increased by 5%, reaching $7.3 billion.

Simultaneously, funding rates (the cost of maintaining long positions) have turned slightly positive. This indicates a shift in trading market sentiment, with traders starting to bet on a rise in SOL’s price.

(Source: CoinGlass)

When both open interest and funding rates rise concurrently, it typically signifies a resurgence in demand for that specific cryptocurrency.

Additionally, a positive net taker volume signifies that more buyers are showing interest at current price levels. The spot CVD (Cumulative Volume Delta), which tracks actual buying pressure in the spot trading market, is also experiencing an upward trend.

(Source: CryptoQuant)

This means that the recovery in SOL’s price movement is supported not solely by futures traders, but also backed by genuine buying activity.

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SOL ETFs See 15 Days Of Straight Inflows, 390M Daily Users

As SOL funding rates and open futures positions rise, crypto holder interest in the crypto asset is also increasing. SOL spot ETFs have enjoyed a streak of inflows for 15 consecutive days, demonstrating robust buyer interest from both whales and institutional players.

On Monday alone, US-based SOL ETFs invested $8.26 million. Combined, these funds have attracted $390 million to date, resulting in total assets exceeding $593 million according to SoSoValue’s data.

(Source: SoSoValue)

Additionally, VanEck debuted its own SOL ETF this week, and other investment management firms are anticipated to follow, providing SOL price movement with additional momentum.

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The post SOL USD Heads For Reversal: Is Bottom In For Solana Price? appeared first on 99Bitcoins.