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Solana

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<p>Solana (SOL), the world’s fifth-largest cryptocurrency by market cap is poised for upside momentum, as it has formed a bullish price action pattern in its four-hour time frame. Earlier, SOL breached a bearish head and shoulders pattern, trapping bears as the price reversed after the breakout.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-solana-sol-technical-analysis-and-upcoming-level-nbsp"><strong>Solana (SOL) Technical Analysis and Upcoming Level&nbsp;</strong></h2>   
<p>Today, December 5, 2024, SOL has broken out of a two-week descending trendline and is currently heading toward its all-time high. With a strong bullish breakout and the four-hour candle closing above the resistance level of $240, CoinPedia’s expert suggests that this breakout could propel <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/">SOL</a> by 10%, reaching the $265 mark in the coming day.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/12/05202327/SOLUSDT_2024-12-05_20-23-13.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/12/05202327/SOLUSDT_2024-12-05_20-23-13-1024x449.png" alt="" class="wp-image-389786"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>On the positive side, the altcoin is trading above the 200 Exponential Moving Average (EMA) on the four-hour time frame, indicating an uptrend. Meanwhile, SOL’s Relative Strength Index (RSI) currently stands at 55, below the overbought area, suggesting that the asset has enough room to soar.</p>   
<p>RSI is a technical indicator that traders and investors use to determine whether an asset is in oversold or overbought territory, and based on that, they make informed decisions.</p>   
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics-nbsp"><strong>Bullish On-Chain Metrics&nbsp;</strong></h2>   
<p>With positive technical analysis, the on-chain metrics further support SOL’s bullish outlook. According to the on-chain analytics firm <a href="https://www.coinglass.com/currencies/SOL" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>, Binance SOLUSDT's Long/Short ratio currently stands at 4.61, indicating strong bullish sentiment among traders.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/12/05202418/image-37.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/12/05202418/image-37-1024x241.png" alt="" class="wp-image-389787"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>As of writing, 82.17% of top traders on Binance hold long positions, while 17.83% hold short positions.</p>   
<p>Besides notable long positions on Binance in the past 24 hours, traders' interest and confidence in SOL have remained stable, as reported by Coinglass’s Open Interest data.</p>   
<p>In the past 24 hours, SOL’s OI has registered a modest gain of over 1.2%, indicating slight interest from traders amid a potential breakout. Given the recent price action, there is a strong possibility that this OI value could rise in the coming hours.</p>   
<h3 class="wp-block-heading" id="h-solana-s-sol-price-analysis-nbsp"><strong>Solana’s (SOL) Price Analysis&nbsp;</strong></h3>   
<p>Currently, SOL is trading near $240 and has registered a price gain of over 3.5% in the past 24 hours. During the same period, its trading volume increased by 8.5%, indicating modest interest from traders and investors amid the recent breakout.</p>

Solana (SOL) Set to Hit New High, 82.2% Traders Hold Long Positions

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