Solana’s (SOL) price has been bullish in the last 24 hours, with bearish momentum nullified after support at $143.93 was established. Consequently, bulls seized market control, soaring the SOL price to an intraday high of $151.58, where resistance was stiff. At press time, the bullish momentum was still in control, with SOL trading at $146.07, a minor uptick in the last 24 hours.

During the rally, SOL’s market capitalization and 24-hour trading volume experienced 0.85% and 41.63% surge to $67,477,782,849 and $1,402,677,157, respectively. The 40% surge in trading volume suggests that traders are accumulating at the current price stage in anticipation of a bullish recovery above the intra-day high. 

If the bullish momentum breaches the $151 resistance, the next resistance levels to set sight on are $155 and $160, respectively. However, if the bull rally wanes and bears seize market control, the intra-day low of $143 would be tested before a price surge is anticipated again. Should this support be breached, the next support levels to watch would be $142, and the intra-week low tested amid the crypto market sell-off at $139.

SOL Derivatives Data

According to Coinglass data, the trading volume for Solana derivatives has soared by over 60% to $3.77B. This surge is attributable to increased investor interest, which is a bullish sign. However, despite this, the SOL open interest has had a bearish crossover with a 0.20% decline to $2.05B. 

According to this trend, while short-term traders are on the rise, fewer positions are being held for longer, depicting a negative sentiment. This trend is evidenced in the Rekt data analysis, with more money lost in long positions, around $274.58K, than in short positions, $146.23K within an hour. 

However, the amount lost on long positions over time does not rise as losses on the short positions. Consequently, from the 4hr to 24hr, losses for the long positions surge from $1.12M to $1.53M, while for shorts, from $76.72K to $2.06M.

SOL/USD Technical Analysis

On the SOLUSD price chart, the Money Flow Index (MFI) rating of 58.01 suggest that bulls still have the upper hand in the market. This level suggests that the  money is flowing in the SOL market with increasing buying pressure, evidenced in the trading volume. However, the shift in direction signals a potential pullback looming before the bull rally continues. 

Adding to the bullish perspective, the Moving Average Convergence Divergence (MACD) is moving out of the negative region, indicating a strengthening bull trend. If the MACD shifts into the positive region, it would confirm the bull rally. Concurrently, the histogram is making subsequent higher bars pointing to an increasing buying pressure. 

With the RSI at 46.75, the bull rally still has a chance of continuing. However, its motion south is casting doubts since it signals that the bullish power is waning, hence the need for traders to set stop loss levels accordingly.