Solana (SOL) has welcomed a rebound market, reaching a high of 204 USD during the Asian session today (22nd). As the altcoin season approaches, SOL has broken through the psychological barrier of 200 USD. Behind this bull run is a record of over 11 billion USD in open contracts. From a technical perspective, as SOL approaches a key psychological breakthrough in the golden cross, it is set for further increases.
SOL open interest contracts hit a new all-time high, surpassing 11 billion USD
Coinglass data shows that SOL open interest (OI) has reached a historical high of 11.03 billion USD, up from 9.52 billion USD on Monday.
A surge in OI means an increase in capital inflows to the derivatives market as trader confidence grows. Notably, trading volume has surged to $34.62 billion from $21.06 billion on Monday, showing increased trading activity.
(Source: Coinglass)
SOL Price Analysis
SOL has risen nearly 2% so far on Tuesday, continuing the 7% increase on Monday. Its upward trend has reached the highest price in six months, breaking through the 50% Fibonacci level of $195, which is down from the $295 high on January 19 to the $95 low on April 7.
A decisive close above this level may extend the SOL pump to the 61.8% Fibonacci level of 219 USD.
The 50-day and 200-day Exponential Moving Averages (EMA) are exhibiting a golden cross. As the short-term upward momentum surpasses the long-term downward trend, cautious investors may view this as a buy signal.
The relative strength index (RSI) on the daily chart is 85, indicating that SOL is in an overbought state as buying pressure increases.
The Moving Average Convergence Divergence (MACD) indicator shows that the green histogram bars are continuously rising, indicating a strengthening bullish momentum.
The downside is that if SOL fails to maintain a daily closing price above the 50% Fibonacci level of $195, the decline may expand to the 200-day EMA of $160.
(Source: Trading View)
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