The Solana (SOL) continues its rising track at the beginning of the second round of trade talks between the United States and China, which starts today, Monday, which enhances the state of optimism in the digital currency market and pushes investors to increase their positions in Solana derivatives, especially with the high open interest volume (Open Interest) and the volume of purchase in the market.
Technically, indicators show the possibility of a Sol recovery extension if they maintain the level of psychological support at $ 150, which constitutes an important barrier to the continuation of the upscale momentum.
Solana exceeds $ 150 and looks to 180
The price of Solana reached 154 dollars at the moment of writing the report, achieving the fourth emerging daily candle in a row, which confirms a clear recovery movement, and she managed to compensate for losses on Thursday, which amounted to 5.85% to record an increase of more than 7% since then, bypassing the psychological checkpoint at $ 150.
For more than a month, Sol maintained its location over $ 142 support, which matches the Fibonacci level 23.6%, the decree between its highest closure on January 18 at $ 261, and the slightest closure of it in April at $ 105.
If Solana managed to close the daily closure of $ 157, which is the highest closing price last week, the rise may extend to $ 183, which corresponds to the 50%Fibonacci level.
RSI indicates an upward move at 45, after it bounced from the saturated saturation area, which indicates the decline in selling pressure, but investors should wait for the RSI to be a 50 level to confirm the start of a new climb.
At the same time, the MACD index is approaching the release of a purchase signal, as the blue and red lines approach the positive intersection, but the best confirmation will be when both lines are penetrated over the zero line to avoid deceptive signals.
The negative scenario .. Will the market test again support $ 142?
If Solana fails to close the daily closing over $ 157, she may return to a Fibonacci support test at $ 142, and if the price breaks this level and closed without the region $ 140, the downward track may extend towards the slightest closure in April at $ 105, which means returning to the previous price bottom.
Female shifts in the Solana Destruction Market
Parallel to the price recovery, the derivative market is witnessing a positive movement that enhances confidence among traders, the Open interest volume (OI) increased by 2.20% within 24 hours to reach 6.55 billion dollars, which reflects a clear flow of liquidity in Solana futures.
Also, OI’s financing rate has turned into a positive at 0.0053%, which means buyers’ willingness to pay a bonus for sellers to maintain the price balance between the immediate market and future contracts.
Also, sales deals, which were liquidated to $ 5.12 million in 24 hours compared to $ 1.77 million in purchase deals, indicating the increasing pressure on the descending centers and a clear superiority of purchasing demand.
Finally, the Sol’s Long/Short ratio (based on purchase and sale orders) recorded 1.3861 during the last 4 hours, which reflects a clear upward tendency, with 58.09% of sizes of purchase deals, which supports the ups in the derived market.
