- Solana has surged past the $200 mark, supported by a record $11 billion in Open Interest and strong technical indicators.
- A Golden Cross and rising trading volume suggest further gains, though overbought signals hint at possible short-term pullbacks.
Solana (SOL) has surged past the critical $200 mark, signaling renewed bullish strength as the altcoin season gains traction. Backed by a Golden Cross and a record-breaking spike in Open Interest, market signals suggest that SOL could be poised for further upside.
Solana $200 Breakout Backed by Record Open Interest
Solana hit the $200 psychological level after gaining nearly 2% on Tuesday, following a 7% rally on Monday. Data from Coinglass reveals that SOL’s Open Interest has surged to a record $11.03 billion, up significantly from $9.52 billion just a day earlier. This spike reflects rising investor confidence and growing capital inflows into Solana’s derivatives market.
Trading volume has also spiked, hitting $34.62 billion—up from $21.06 billion—underscoring intense market activity around the token.
Golden Cross Signals a Bullish Path Ahead
The technical landscape for Solana remains largely bullish. A Golden Cross has formed on the daily chart, as the 50-day Exponential Moving Average (EMA) moves above the 200-day EMA. This is typically seen as a strong buy signal and may attract sidelined investors to enter the market.
Additionally, Solana has crossed the 50% Fibonacci retracement level at $195. If SOL closes decisively above this level, the rally could extend toward the 61.8% Fibonacci level at $219.
Solana RSI and MACD Confirm Overheated but Bullish Conditions
The Relative Strength Index (RSI) currently sits at 85, indicating that Solana is in overbought territory. While this may signal a short-term cooldown, it also reflects intense buying pressure. Meanwhile, the Moving Average Convergence/Divergence (MACD) continues to show rising green histogram bars—another sign of bullish energy building in the market.
Caution Below $195
Despite the positive indicators, traders should watch for a close below the $195 level. Failing to hold this could push SOL back toward the 200-day EMA at $160, presenting a potential downside.
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