Key Insights:

• Solana is trading within an ascending channel and could target $210 if momentum holds above $172.
• Binance and OKX long/short ratios show a strong bullish bias, with top traders heavily favoring longs.
• Short liquidations reached $10M in 24 hours, signaling aggressive bearish bets being wiped out.

Solana (SOL) price has shown resilience after reclaiming key support zones and forming higher lows. The token now trades within an ascending channel, with analysts suggesting a breakout toward $210 could follow if current momentum holds.

Solana Price Built Momentum Inside Ascending Channel

Ali Martinez observed that Solana price climbed steadily inside an ascending channel. When the price dipped to $158, buyers stepped in and pushed the token back toward the channel’s midline.

The upper bound of the structure stood near $210, which analysts viewed as the next target. Martinez noted that a breakout with weak volume near this level often triggered resistance.

Earlier, Martinez identified an ascending triangle breakout, which historically preceded bullish continuations. Fibonacci projections marked $180 as a potential upside, which SOL reached after breaking past the $172 resistance.

Solana Price Resistance and Historical Levels

According to analyst Pentoshi, there is a significant barrier for Solana price around the $174–$188 area. Since March, this level on the chart has seen several attempts at a breakout but has not succeeded, emphasizing its importance. However, SOL is again near this point, suggesting that buyers might increase if sufficient volume returns.

According to the analyst, if SOL manages to close above this resistance, it could push toward $220. In the past, similar price breakouts have resulted in significant market moves upward. Considering how Solana has shown support ahead of higher lows and bullish candles, its price might rise if the resistance is broken.

Derivatives Metrics Reflect Bullish Sentiment

More so, the derivatives market data suggested that Solana futures are gaining more attention. Notably, the trading volume saw an over 73% increase in the last 24 hours to reach $20 billion. Open interest rose by 7% to reach $7 billion. Such a rise showed that investors are becoming more involved with SOL, often reflective of rising confidence.

In terms of market positioning, Binance and OKX are signaling a positive outlook from traders. Binance has a long/short ratio of 1.71, while OKX’s is 1.74. The top traders on Binance display greater enthusiasm, with a long/short ratio of 2.16. Subsequently, the preference for long positions is strongest on the top exchanges.

Short Liquidations Added Upward Pressure

Solana also saw a wave of short liquidations, reinforcing the bullish trend. Over the last 24 hours, $10 million in short positions were liquidated, compared to only $4 million in longs.

In the past 12 hours, short liquidations totaled $6 million, while long liquidations remained under $850,000. This imbalance suggested that bearish traders were forced to exit as prices climbed.

The rise in short liquidations added pressure to the market. As shorts were squeezed and open interest climbed, this dynamic often triggered sharp upward moves.

Analysis from earlier in the week noted buy walls around $164–$166, supporting price action near critical levels. With Solana price reclaiming $174, a breakout above $188 could open the door to $220–$240.

At the time of writing, SOL traded at $177, up 5% in 24 hours. The token bounced from $169, crossed $180 briefly, and then entered a short consolidation phase.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.