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Is Solana Signaling a Trend Reversal? A Bullish Turn Might Be Underway
š Solana (SOL) is beginning to show early signs of a potential trend shift. Rising open interest and key technical indicators suggest that this altcoin could be gearing up for its next price rally.
š„ Open Interest Surges, Bullish Sentiment Strengthens As of May 28, Solanaās open interest climbed to $7.72 billion, getting close to its January peak of $8.57 billion, when SOL traded near its all-time high of $261.
Investor appetite is clearly returning. Since March, SOL has recovered from $106 to $182, although itās still struggling to break through the $180 resistance level ā the same barrier it faced earlier in March.
š Bullish Divergence ā What Does the Technical Setup Show? š¹ On the 4-hour chart, a bullish divergence has formed between price and the Money Flow Index (MFI). While the price created a lower low, MFI moved upward, suggesting increased buying pressure. š¹ Following this signal, SOL jumped 3.7% in just 8 hours, with bulls holding the crucial $152 support level ā a former resistance now flipped into support.
āļø What Do Other Indicators Say? š The On-Balance Volume (OBV) index has dropped slightly in May but hasnāt reached its April lows. This implies that while some profit-taking occurred, there hasnāt been a heavy sell-off. š Meanwhile, the funding rate has turned positive again, signaling renewed confidence among futures traders.
š Whatās Next for SOL? If Solana holds above $152 and Bitcoin remains stable, a retest of the $180 resistance could be on the horizon. This level will be key in determining whether SOL enters a true bullish phase or simply experiences a short-lived bounce. š The coming days will be crucial in revealing whether the recent momentum is the start of a new trend or just a temporary uptick.
#solana , #sol , #CryptoMarket , #CryptoNewss , #crypto
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