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Could Solana Surge to $162 Despite Bearish Threats? Discover the Potential!
In recent weeks, the price of Solana has been on an upward trajectory, climbing from a June low of $127 to a current high surpassing $200. This growth has been driven by the introduction of new projects on the blockchain, like USELESS, pushing SOL towards the significant $200 level. Despite this rise, there are lingering concerns about the sustainability of this rally and the possibility of a downturn.
Solana Confronts Bearish Signals Amidst Market Optimism
Even with prevailing market optimism, bearish indicators are beginning to surface for Solana. A notable crypto analyst has highlighted concerns, pointing out that the recent push past $190 was merely a deceptive fakeout. This rally briefly moved SOL above a stubborn $170 resistance, paving the way towards $200 and enabling a high-level liquidity sweep. However, a potential setback looms that could reverse these gains.
The analyst elaborated that Solana is still navigating within an ascending channel, suggesting the breakout was unsuccessful. This perceived failure indicates a lack of robust support for the current price levels, making it susceptible to bearish forces. The analyst outlined two potential negative outcomes: a direct fall to the maximum pain level (MPL) around $162.30, which now seems less likely given the breach above $190, and a more probable scenario where the price could retest highs or form a lower high before a significant drop.
Record-Breaking Interest in Solana Amid Price Fluctuations
As Solana’s price surged, so did the interest in the cryptocurrency, with open interest reaching unprecedented levels. According to data from Coinglass, open interest in Solana has now exceeded $10.96 billion, surpassing previous records. Despite these impressive figures, the current price of Solana remains notably lower than at previous peaks of open interest, hinting that there might still be momentum before a potential slowdown.
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What’s Next for Solana?
Given these news, investors and traders should keep a close watch on Solana’s market movements. The dual scenarios outlined by analysts suggest that while a short-term bullish trend could persist, underlying bearish pressures might lead to a significant price correction. Navigating this volatile landscape requires careful analysis and strategic decision-making, especially in a market as unpredictable as cryptocurrency.
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