Solana Breaks Toward $150 as Traders Bet on SOL’s Next Leg Up
Solana’s native token SOL surges toward $150, flirting with key resistance as traders pile into positions. The ’Ethereum killer’ now tests levels last seen before the 2022 crypto winter—back when VCs still pretended to care about ’blockchain fundamentals.’
Technical indicators scream overbought, but since when did that stop a crypto rally? Meme coin degens and institutional bagholders alike now eye the $200 psychological barrier—because in crypto, round numbers somehow matter more than actual utility.
Meanwhile, Bitcoin maximalists grumble about ’ghost chains’ while quietly rebalancing their portfolios. The market’s memory is short, but SOL’s throughput stats don’t lie—this blockchain actually works, even if half its users just want to trade JPEGs of cartoon apes.
Source: Bankrate
Solana Has Sights Set on Incoming Jump as Traders Get Bullish
Solana entered the year as a high-potential cryptocurrency. Indeed, the market had expected big things, with it potentially being the next token in line for its own SOL ETF. Specifically, experts had projected the asset would see the investment vehicle approved by the fall months.
Yet, it has not been able to live up to those expectations as of yet. However, that could be changing. Solana is fast approaching the $150 mark as SOL investors appear to be betting big on an impending rally. On Wednesday, it jumped more than 3%, breaking through the $146 level, according to CoinMarketCap.
That increase continues the token’s 37% jump over the last 30 days. Additionally, Solana futures traders have shown their belief by increasing their long positions. This is seeing them bet big on an impending rally, with the Coinglass long/short ratio at a monthly high of 1.04, showing where sentiment stands now.
Currently, Solana’s relative strength index (RSI) sits at 57.773. That shows SOL is sitting on significant momentum that could propel the asset higher. Indeed, the data displays room for a price increase before the asset ventures into the overbought territory. If progress is made on the aforementioned ETF, or the Federal Reserve opts to cut interest rates, things could get even more exciting.
