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Solana Price Prediction: SOL is approaching the $140 resistance level, with several indicators signaling a potential strong rally
Solana (SOL) price is approaching the key resistance level of $140, and several on-chain and derivatives indicators suggest that it may be in a "deep cycle reset" phase, signaling a potential strong rally. On December 10, SOL was trading at $138, up 5% in 24 hours, but still down 17% over the past month. Over the past week, the price has traded sideways between $128 and $145, but it has been accompanied by a significant increase in volume. Yesterday's trading volume reached $6.97 billion, a year-on-year increase of 34%, indicating a rise in interest in the spot and futures markets.
According to CoinGlass data, Solana derivatives volume increased by 23% to $18 billion, and open interest (OI) rose to $7.25 billion. An increase in OI during a sideways price movement usually means that traders are accumulating positions to lay out in advance for potential trend reversals.
SOL4.46%