bullish

Solana

<ul>
 <li aria-level="1">Positive on-chain metrics from Coinglass, like the Open Interest-Weighted Funding Rate, suggest strong bullish momentum for SOL.</li>
 <li aria-level="1">Investors focus on SOL’s next resistance level at $137, with a break possibly setting the stage for further gains.</li>
</ul>
Solana (SOL) has surged past a key resistance level at $130 on a four-hour chart, sparking investor interest and bullish market sentiment. This upward trajectory is closely watched by investors and analysts who are optimistic about further price increases in the coming months.
<figure id="attachment_92596" aria-describedby="caption-attachment-92596" style="width: 100%" class="wp-caption aligncenter"><img fetchpriority="high" decoding="async" class="size-full wp-image-92596" src="https://www.ethnews.com/wp-content/uploads/2024/09/SOLUSDT_2024-09-10_22-26-30.png" alt="SOLUSDT_2024-09-10_22-26-30" width="1369" height="857">
 <figcaption id="caption-attachment-92596" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure>
Solana’s market performance has become a focal point for those monitoring the cryptocurrency space, suggesting that it may lead the way in determining broader altcoin market movements.

<div class="cryptoboxes" id="mcw-12347" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="SOL" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div>
Current trading data shows SOL attempting to overcome the $137 resistance, an action supported by strong on-chain metrics indicating robust trader confidence.
<figure id="attachment_92600" aria-describedby="caption-attachment-92600" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-92600" src="https://www.ethnews.com/wp-content/uploads/2024/09/solana-o-i.webp" alt="solana-o-i" width="860" height="258">
 <figcaption id="caption-attachment-92600" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure>
Key on-chain indicators from <a href="https://www.coinglass.com/currencies/SOL." rel="noopener noreferrer nofollow">Coinglass</a> bolster this sentiment, notably the (OI)-Weighted Funding Rate which stands at +0.0068%. 
A positive funding rate typically means that traders with long positions are paying premiums to those holding short, a sign often associated with expectations of a price rise.&nbsp;
This metric is particularly telling of the prevailing market attitude towards Solana, as it underpins a growing conviction among traders for potential short-term gains.
Moreover, the <a href="https://www.ethnews.com/solanas-path-to-etf-approval-market-predictions-and-expected-outcomes-for-crypto-investors/" rel="noopener noreferrer nofollow">increased interest</a> in long positions further underscores the market’s readiness for a Solana rally.&nbsp;
<figure id="attachment_92604" aria-describedby="caption-attachment-92604" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-92604" src="https://www.ethnews.com/wp-content/uploads/2024/09/SOLUSD_2024-09-10_06-06-21.webp" alt="SOLUSD_2024-09-10_06-06-21" width="860" height="540">
 <figcaption id="caption-attachment-92604" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure>
With the cryptocurrency now trading at $135, just a small margin below the 200 exponential moving average (EMA) on the four-hour chart at $141.14, reaching and surpassing this level could be a significant bullish indicator.&nbsp;
This EMA is a marker for Solana’s strength, and reclaiming it would affirm the growing momentum among buyers.
However, for Solana to sustain this <a href="https://www.ethnews.com/solana-defies-crypto-crash-heres-how-its-winning-while-others-lose/" rel="noopener noreferrer nofollow">bullish outlook</a>, it must convincingly break through and close above the immediate resistance at $138.
<figure id="attachment_92608" aria-describedby="caption-attachment-92608" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-92608" src="https://www.ethnews.com/wp-content/uploads/2024/09/SOLUSDT_2024-09-10_22-35-25.png" alt="SOLUSDT_2024-09-10_22-35-25" width="1736" height="744">
 <figcaption id="caption-attachment-92608" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure>
Solana’s ability to maintain this momentum could indeed dictate the upcoming <a href="https://www.ethnews.com/orbitt-supercharges-meme-coins-massive-gains-on-solana-coming-soon/" rel="noopener noreferrer nofollow">trends for altcoins</a>, signaling either a sustained bullish phase or a reevaluation of current market conditions.&nbsp;
Thus, all eyes remain fixed on SOL as it tests these critical levels, with the broader crypto community watching for signs of whether the current interest can translate into a lasting price surge.
The post <a href="https://www.ethnews.com/solana-sees-renewed-market-interest-amidst-positive-on-chain-indicators/" rel="noopener noreferrer nofollow">Solana Sees Renewed Market Interest Amidst Positive On-Chain Indicators</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Solana Sees Renewed Market Interest Amidst Positive On-Chain Indicators

ETHNews

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