• Solana [SOL] has seen a large influx of buyers over the past five days, trading at $24.8 at press time.
• Evidence suggests that the bulls are heavily favored and another move north is imminent, though a bearish move cannot be discounted.
• Coinalyze data revealed firm bullish sentiment with rising prices and open interest, as well as a positive funding rate.

Solana Price Movement

Solana [SOL] has seen an impressive increase in price over the past five days, trading at $24.8 at press time. The price action showed that further gains were likely with a significant obstacle sitting in the $25.5-$25.7 area, though a bearish move cannot be discounted. The OBV indicator suggested steady buying pressure and an ascending triangle pattern highlighted that buyers were strongly favored for another move northward.

Bullish Market Structure

From a higher timeframe point of view, Solana remains firmly bullish, having bounced from just above the $22-level indicating enthusiastic buyers present in the market. A green line at $23.5 outlined this bullish market structure break which was maintained on the 4-hour chart with higher lows formed over the past few days.

Coinalyze Data Analysis

Coinalyze data revealed strong bullish sentiment for SOL with Open Interest showing increasing prices and OI over two days suggesting bulls entering the market expecting more gains to come through soon enough. The spot CVD trended upwards over two days along with a positive funding rate providing additional evidence for further growth in SOL’s value moving forward..

Conclusion

Overall, evidence points towards further growth for SOL provided it surpasses its current resistance level of $25-$25.7 however if it falls below $24 then it could potentially shift the market structure bearish instead so caution is advised when considering an investment strategy here..

Disclaimer

The information presented does not constitute financial, investment, trading or other types of advice and is solely based upon writer opinion – readers should take into account their own individual circumstances before making any financial decisions

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