Ramazan Eles 
Solana (SOL) is showing signs of preparing for an upward rally, driven by its bullish price movements and strong on-chain metrics.
According to AMBCrypto, “SOL’s Relative Strength Index (RSI) has formed a bullish divergence, indicating a potential trend reversal.” Based on past price momentum, AMBCrypto suggests that there is a high likelihood of Solana’s price rising by 25%, potentially reaching the $160 mark.
Despite experiencing a notable decline over the past few days, SOL has managed to hold firm at the $125 support level. With this price consolidation, the expectation for a bullish move has gained momentum.
On-chain data reveals that if SOL’s price hits $131, it could trigger the liquidation of $25 million worth of short positions. AMBCrypto’s analysis indicates that SOL is now leaning towards an upward trend, with its RSI signaling a potential reversal from the previous downtrend to a bullish one. This trend shift has successfully kept SOL’s price anchored at the $125 mark. The analysis platform further elaborated: “This indicator tends to appear when a potential bottom has been identified.”
Given Solana’s historical price trends, when the cryptocurrency reaches its current support level, it often experiences a significant price increase. This time, SOL has the potential to climb by 25%, pushing its value to $160.
An analysis of CoinGlass’s short/long data reveals that market sentiment around SOL has grown more optimistic. The data shows that SOL investors are currently leaning towards a more positive outlook.
SOL’s Open Interest has risen steadily over the past three days, recording a 24% increase in the last 24 hours. AMBCrypto noted that this data suggests a potential buying opportunity, stating: “These figures indicate that bulls are currently in control, and there is a high likelihood of liquidating short positions.”
CoinGlass also reported that short positions have accumulated between $125 and $131. A potential rise in SOL’s price to $131 could liquidate approximately $25 million in short positions.
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