Is SOL headed toward $150 amid steady ETF inflows? Technical forecast

Source: CryptoNewsNet Original Title: Is SOL headed toward $150 amid a steady ETF inflow? Check forecast Original Link:

Market Overview

The cryptocurrency market is experiencing significant volatility this week. Bitcoin hit the $92k level during the Asian trading session before retracting below $91k as London markets opened. BTC is now trading above $91,700 after recovering some losses, though some major altcoins remain in the green.

Solana Leads Altcoin Performance

Solana’s SOL is the best performer among the top 10 cryptocurrencies by market cap, up 4.5% in the last 24 hours. The coin could rally higher in the near term amid steady ETF inflows and a privacy-focused hackathon.

SOL Hits $140 as Solana Explores Privacy Features

SOL briefly touched the $144 level but has retraced and is currently trading at $139 per coin. The positive performance comes as SOL-focused ETFs recorded $41.08 million in inflows last week, marking their eighth consecutive week of inflows. This rising demand suggests institutional interest remains strong in Solana.

The growing demand can be attributed to Solana’s exploration of privacy features similar to those of Zcash or Monero. The Privacy Hack, commencing today, offers $75,000 in rewards for private payments, a launchpad, and an open track for other privacy-focused protocols. Submissions will end on February 1, with winners announced on February 10.

Retail demand for Solana has also been rising. According to CoinGlass, Solana’s futures Open Interest (OI) is up 4.90% in the last 24 hours, reaching $8.24 billion. The 24-hour long-to-short ratio of 1.0235 indicates more active long positions, with short liquidations of $12.61 million far outweighing long liquidations of $2.14 million.

SOL Eyes the $150 Psychological Level

Thanks to its recent performance, the SOL/USD 4-hour chart is bullish and efficient. SOL topped the 50-day EMA at $136 on Sunday and is now trading at $139, just below the $142 resistance level on the daily chart.

If the bullish trend continues, SOL could surpass the $144 resistance level and head towards the $150 psychological level. The daily candle closing above this level could see SOL head towards $159 resistance.

Technical indicators support bullish performance in the near term. The RSI of 55 is above the neutral 50, indicating growing bullish momentum. The MACD lines also crossed into the bullish region, adding further confluence for long positions.

However, if the bullish trend fails to build, SOL could reverse below the 50-day EMA, with bears likely pushing it down towards the December 18 low of $116.