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Bulls have returned to the Solana (SOL) market as strong bullish signals have emerged. Not only this, the price of SOL is also surging and the current sentiment is indicating that more gains are in the cards. As per CoinMarketCap, Solana is currently trading at $154.55, after a jump of 12.29% in the last 24 hours.
The SOL price faced a major crash along with the broader crypto market earlier this week. The crash resulted in SOL hitting the $122 price level after it slightly recovered. But since then, it has soared to $154.55. This is a major price jump as the coin has managed to recover the recent losses.
Solana surges in crucial metric
Amid this price rally, the coin has been witnessing certain bullish indicators. For instance, CoinGlass reveals that open interest (OI) in SOL has surged 16.68% in the last 24 hours. Currently at the $2.25 billion level, this rising OI shows that there is a major increase in the number of open positions (both long and short).
It further tells us about the increasing investor interest and confidence in Solana, also known as the Ethereum killer. While it indicates the prevailing bullish sentiment in the market, rising OI can also result in heightened volatility. The change of positions from the traders can either put pressure or inject further positive momentum.
Sustained SOL price rally
However, it appears that the bullish sentiment will prevail for the Solana price. As per TradingView, SOL is currently trading above its 200-day simple moving average (SMA). This means that the broader trend is still optimistic and there is no major downward pressure on the coin.
Moreover, the RSI of Solana is at 47, which means that there is no selling pressure at the moment. All these indicators indicate the possible continuation of this price rally for Solana, and it appears that bears are unlikely to get control over the market. Overall, the broader outlook is very positive for SOL as further gains are expected.
Alex Dovbnya
