- Solana (SOL) is witnessing a significant price surge, positioning itself as the best-performing crypto asset among the top 10 in the past 24 hours.
- The bullish sentiment around Solana is echoed by positive funding rates and renewed $200 price predictions.
- “The Liquidation Levels suggest SOL’s price might ascend towards the $140-$146 range,” an analyst from Hyblock noted.
Solana’s price skyrocket sparks renewed $200 price predictions amidst altcoin season speculation and positive market sentiment.
Solana’s Remarkable Price Surge: Factors Driving the Rise
Solana (SOL) has experienced a notable 8.44% increase in just the last 24 hours, making it the standout performer among the top 10 cryptocurrencies. Currently, the token is trading at $137.24, bringing back the conversation about the possibility of breaching the $200 mark—a level it last hit in April.
Bullish Sentiment Fueled by Liquidation Levels and Funding Rates
The Liquidation Levels, which help traders pinpoint potential liquidation points, indicate that SOL’s price could surge toward the $140-$146 range. This optimism is further supported by positive funding rates. A positive Funding Rate, which arises when longs pay shorts, generally signifies bullish sentiment. At press time, the overall market sentiment around Solana is indeed bullish, with traders anticipating further upward movement.
Altcoin Season: A Potential Catalyst for Further Gains
The concept of an altcoin season, when non-Bitcoin assets outperform Bitcoin, is also gaining traction. For a full-fledged alt season to be declared, at least 75% of the top 50 cryptocurrencies need to outperform Bitcoin. If this scenario materializes in the coming weeks, Solana could see its value skyrocketing even further.
Moreover, an analysis of Cumulative Liquidation Levels Delta (CLLD) shows a positive reading, meaning more long liquidations, indicating bullish momentum. However, a highly positive CLLD can sometimes serve as a bearish signal if traders start taking profit, leading to a short-term price correction.
Conclusion
Solana is enjoying a bullish phase, driven by positive funding rates, favorable liquidation levels, and speculations of an impending altcoin season. However, traders should remain cautious of possible short-term corrections. Overall, Solana shows strong potential for growth, inching closer to the coveted $200 price point.
