Solana hits 2-month high of $185 – $200 by tomorrow?

Solana temporarily hit a two-month high of $185 earlier today, making us wonder if it is eyeing the $200 mark by tomorrow when Ethereum’s spot ETFs start trading.

SOL’s current price hovers around $179, with Bollinger Bands indicating a tight range between $177 and $181. This narrow range means the market is consolidating, waiting for a potential breakout. 

The middle Bollinger Band, which is the 20-period Simple Moving Average (SMA), stands at $179, showing the equilibrium price.  The 9-period EMA at $179 is currently acting as a dynamic support level. 

Solana’s price hovering around it means the altcoin might hold as a support point, but traders should keep an eye out for a bounce or a break below it.  

The Double Tops at $181 and $179 could lead to increased selling pressure, while the Double Bottoms around $177 will trigger strong buying interest. The bears are the ones in control on that front.

But SOL’s Accum/Dist is at 97.739 million, indicating a steady increase in buying pressure. This supports a bullish outlook. But at 50.31, with the previous close at 49.42, the RSI is in neutral. It’s neither overbought nor oversold, meaning there’s potential for movement in either direction.

The Fear & Greed Index for Solana is at 76%, meaning extreme greed in the market. This is a strong bullish sentiment indicator. Breaking down the analysis, we see positive scores in price, volatility, volume, impulse, and social engagement.

However, the dominance score is very negative. So despite the positive sentiment, Solana isn’t leading the market in terms of trading volume or market share. Whale activity is also negative.

The derivatives data shows an interesting picture, though, with a massive increase in trading activity. Volume has surged to $9.78 billion, a 64.52% increase, while open interest has grown to $2.73 billion, a 3.57% rise.

The long/short ratios across Binance and OKX show that more traders than not are betting on the price going up. Over the past 24 hours, total liquidations reached $10.57 million, with $4.98 million in longs and $5.59 million in shorts.

If Solana can break through the $181 resistance, it could easily climb back to $185, and with enough momentum, reach $200.

Reporting and analysis by Jai Hamid