Solana Faces Challenging Test at $180 Barrier: Can SOL Make History Anew?
Solana Breaks through Roadblock at $180, Eyeing $200
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Solana (SOL) is making a strong comeback after a prolonged period of outflows, as evidenced by positive capital inflows. Let's dive into the latest Solana updates and what they might mean for the cryptocurrency's future.
Bullish Signals All Around
According to Glassnode, Solana's 30-day Realized Cap inflows have flipped positive, meaning they're growing by 4-5%. This places Solana on par with XRP in terms of recovery strength. This return of capital inflows often precedes renewed demand and interest, necessary for extended price growth.
Supporting the positive inflow trend is the 90-day Cumulative Volume Delta (CVD) for Futures markets, which indicates a Taker Buy Dominant phase for SOL. This indicates growing buyer conviction, with buy volume leading, usually signaling strong upside expectations from traders.
A Momentous Test at $180
Solana is currently testing a significant supply zone around the $180 level, following an extended rally. Historically, this zone has acted as a strong resistance level, hindering further price surges.
However, the shift in capital inflows and increasing buyer dominance could potentially break through this barrier, paving the way for a rally towards the $200 psychological level.
A $200 Rally Might Be Within Reach
If bulls manage to sustain the buying pressure, Solana can breach the $180 resistance level and embark on another surge towards the $200 psychological price level. But for now, it's essential to keep a close watch on the scale of capital inflows and the resilience of buyers.
If the bullish sentiments persist, Solana could see a breakout rally in the near future, setting the stage for its next major price action.
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- The positive 4-5% growth in Solana's 30-day Realized Cap inflows, similar to XRP's recovery strength, indicates a strong comeback in the crypto market, fueled by positive capital inflows.
- The Taker Buy Dominant phase for Solana's Futures markets, as indicated by the 90-day Cumulative Volume Delta (CVD), shows growing buyer conviction and strong upside expectations from traders.
- The current testing of Solana at the $180 level, historically a strong resistance, could potentially be broken with continued bullish sentiment, leading to a rally towards the $200 psychological price level.
- If the bullish sentiment persists, Solana investing could see a breakout rally in the near future, significantly impacting its next major price action, potentially reaching the $200 mark in finance.
