Solana is not out of the woods, but some signs show that the SOL price rebound might finally be here. While the digital currency has dropped by 1.58% over the past 24 hours, its growth trend shows optimism. With increasing volatility, the volume boosts on Binance, liquidation figures and sustained open interest prove that SOL might have bottomed out.
Solana rebound signals
In the past 24 hours, Solana jumped from a low of $195.39 to its current price level. Along the way, it breached a major resistance level at $199.16. Despite volatility, SOL has stayed above this level as investors evaluate their next moves.
Related
On the Binance exchange, SOL volume has jumped by 17.69% in 24 hours to $656,537,696. This is a significant signal, considering the user base and liquidity that Binance commands. If traders’ buying activities on Binance are high, it might take time before it trickles down, translating to a price boom.
Futures traders’ exposure to Solana is also minimal, as showcased by its liquidation data on CoinGlass. Overnight, only $8.67 million worth of SOL was liquidated, outpaced by BTC, ETH and XRP, respectively.
In addition, SOL open interest is marginally high, with more than 27 million SOLs committed by traders. This shows confidence in its prospects of printing higher price trends soon.
What’s next for SOL?
Related
Amid the growing volatility, Solana’s price must combat the current fluctuations and stabilize its core metrics before charting a new growth milestone. Of the top Ethereum killers, Solana has the most promising fundamentals, which can translate to price growth.
The hype generally returns to Solana, with its associated tokens like BONK and dogwifhat still in the spotlight in the meme coin scene. In the near term, analysts are convinced Solana that may breach its previous all-time high (ATH) to $300.
#Key #Metrics #Show #Solana #SOL #Rebound