Solana may be set for the recovery. Here's why:
2024-11-26

Data from Coinglass reveals that Solana’s Long/Short ratio on the 1-hour timeframe has climbed to 1.17. A ratio above 1 suggests a higher number of traders betting on a price increase compared to those anticipating a decline.

Currently, 54% of Solana traders hold long positions, while 46.17% expect a drop below $255. 

On the weekly chart, Solana’s price has surged above the 20 and 50 Exponential Moving Averages (EMAs), key indicators that measure trends. 

With SOL currently priced at $255, above both EMAs, the altcoin seems poised to continue its upward direction. The formation of a bull flag further supports this bullish outlook.

As long as the price remains above the upper trendline of the consolidation phase, it could rise toward $325. However, if selling pressure takes hold, this bullish scenario could shift. In that case, SOL might fall below $200.