The cryptocurrency market has staged a dramatic comeback in the past 24 hours, rebounding sharply from a recent plunge. Amidst this volatility, Solana (SOL) has emerged as a standout performer, capturing the attention of crypto enthusiasts worldwide with its astonishing price surge.

Could this be the beginning of a new bull run for SOL? Let’s dive in and explore what’s driving this rally.

Solana Technical Analysis: It’s Looking Bullish!

During the crash, SOL dropped to a low of $109.66. Since then, it has surged over 33%, breaking through the crucial $145 level on the 4-hour chart. This breakout is a key sign of its bullish trend.

Experts indicate that SOL is looking bullish as it trades above the 200 Exponential Moving Average (EMA). The recent breakout above the $145 resistance level further supports this positive outlook.

Following this breakout, SOL has strong potential to climb another 10% to reach the $161 level. If investor interest and market sentiment remain strong, SOL could potentially rise to $185, hitting its next resistance level. The surge in open interest is likely to drive a bullish rally in the coming days.

Current Trading Status

As of press time, SOL is trading near $147, marking a notable 15% increase in the last 24 hours. Despite this substantial rise, its trading volume has decreased by 56% during the same period.

Meanwhile, SOL’s open interest (OI) has jumped over 17% in the past 24 hours, indicating growing interest from investors and whales.

Solana outperforms BTC, ETH, and BNB

With its massive price surge, SOL has outperformed top assets including Bitcoin (BTC), Ethereum (ETH), and BNB (BNB) in terms of price increase. According to Coinmarketcap, SOL has experienced a price jump of over 15%, whereas, BTC, ETH, and BNB have seen only 7%, 4.5%, and 7.5%, respectively, in the last 24 hours.

Key Liquidation Levels to Watch

As of now, SOL’s major liquidation levels are at $136 on the lower side and $153 on the upper side, according to an on-chain analytic firm CoinGlass.

If market sentiment stays positive and SOL rises to $153, nearly $86 million worth of short positions could be liquidated. Conversely, if sentiment shifts and SOL drops to $136, approximately $162.5 million worth of long positions could be liquidated.

Also Check Out: Neiro Ethereum Soars 45% Despite Vitalik Buterin’s Massive Sell-Off