The world’s 5th biggest cryptocurrency, Solana (SOL), once again made waves after a massive price surge in 24 hours. The reasons behind this surge include the launch of Solana’s first liquidity layer, Marginfi, bullish market sentiment following CPI data, and the creation of over 132k new tokens on Solana in the last seven days. These developments attracted both investors and institutions, resulting in a massive price surge of over 15% in 24 hours.
Solana (SOL) bullish outlook
Additionally, Solana’s Open Interest (OI) increased by 20% in the last 24 hours, highlighting both investors’ and retailers’ interest in SOL. Solana is the only top token experiencing such a significant surge in OI value, whereas Bitcoin, Ethereum, Binance Coin, and DOGE have seen nearly half of what SOL is experiencing today.
These parameters create a bullish outlook for SOL. With all these factors, Solana (SOL) is trading near the $163 level for the first time in the last 30 days and has experienced nearly 15% upside momentum in the last 24 hours. Moreover, the 24-hour trading volume increased by nearly 90%, highlighting strong confidence and interest from investors and traders in SOL.
Since April 2024, the performance of SOL has been dull, but in the last seven days, SOL has experienced nearly 14% upside momentum. In the last 30 days, SOL saw a price surge of almost 20%.
Solana technical analysis and key levels
According to expert technical analysis, SOL is bullish as it broke out of a strong bullish inverted head and shoulders price action pattern. If Solana’s SOL token price on the daily time frame gives a daily candle closing above the $162 level, there is a high chance that SOL will hit the $180 and $200 levels in the coming days. While there isn’t any strong resistance expected to pause SOL’s upward move, minor fluctuations may occur.
Besides SOL, other top cryptocurrencies including Bitcoin, Ethereum, Dogecoin, and Cardano have also experienced significant price surges in the last 24 hours. According to data from CoinMarketCap, BTC, ETH, DOGE, and ADA have seen price surges of over 7%, 4%, 5%, and 6% respectively. Overall, the market sentiment is bullish, although WSJ reporter Nick Timiraos mentioned that April’s CPI data is not enough to change market expectations.
