With 89% Chances of an ETF Approval, Will SOL Price Reach $160 This Month or Drop Back to $120?
Solana becomes more and more popular with growing optimism around the token. The main reason for the growing probability of an Solana ETF is ahead of all other ETF applications deposited as well as XRP. On the other hand, the chain has surpassed the other platforms in terms of activity and volume DEX, referring to the growing popularity of the chain compared to the others. Despite the positive results and the current rebound in the ground price, this is why the token is feared to trigger a withdrawal at $ 125.
Fall into Solana market data
Future markets have a massive impact on the next price action while traders are betting on future price movements. Currently, the open interest (OI), which is the total number of open contracts which must still be closed, has dropped considerably. With this, the volume is also declined in a coherent manner.
This suggests that spot traders have also become uncertain of the next price action because the OI remains lower. With this, volatility remains lower, keeping the consolidated price in a narrow beach. On the other hand, traders seem to have become lowered on Solana while short exchanges accumulate to a large extent.
The above graph shows that short trade has been increased sharply compared to that of long transactions. This suggests that future traders think that the soil price could dive in the coming days, with the main price slabs at $ 130 and later at $ 128. After exceeding $ 135, the lower influence on the token increased. This suggests that the price can continue to stay in a consolidated range between $ 130 and $ 136 for a while.
Is Solana (soil) rose to $ 125?
Solana’s weekly table seems to be extremely lower, because the price fell below the parallel channel increasing and failed to recover the levels. The purchase pressure increased consistently while the Bulls intervened several times. Consequently, the price has remained in the range, but the techniques suggest that the price could soon face a lower action.
The weekly Table of Solana’s price suggests that the token has remained in a downward range as the price increases, but the weekly RSI dives. This alludes to a likely withdrawal that could approach quickly. Although the price has dropped below the chain support, if the token fails to recover the levels before the weekend, the Solana price is feared to return to $ 125.
