Solana Price Targets $210 as These Bullish Signals Appear

Solana (SOL) price has risen steadily in an uptrend and is headed for $210, as data showed bullish signals. Analysts monitoring SOL price recent pattern observed the top crypto moving consistently along an upward channel.

Furthermore, as Solana price rose, moving averages hinted at resistance at $375. Derivatives data further supported this outlook, showing large-scale liquidations of short positions and rising open interest.

Solana Price Trades Within an Ascending Channel Pattern

Analyst Ali Martinez pointed out that SOL price has been trending inside an ascending parallel channel over the past few weeks. After hitting a low near $158, SOL price recovered and is now reaching the mid-price zone of the channel.

At the time of writing, Solana price was trading at around $181.92, making higher lows and aiming to increase its upward movement.

According to the channel, the $210 mark, located at the top line of the channel, could be a target if the trend persists. Solana price pointed to buying demand, as it held crucial support levels. There is a history of corrections occurring when it faced resistance.

Solana Price Long-Term Trendline Suggests Move to $375

Renowned expert Gordon shared a chart with a broader outlook. Solana price was quickly rising towards a blue diagonal trendline that marked the top of the market cycles before.

This line passed near $375, a strong resistance level during previous uptrends.

Moreover, the data suggested that Solana price may be entering an uptrend. In the past, when prices touched this trendline, they moved up or down sharply.

Consequently, this indicated traders were looking for a sharp breakout. If current trends remain, the surge could push SOL price to challenge this resistance zone over the medium to long run.

Derivatives Market Shows Strong Buying Activity

More so, Solana derivatives data showed that there has been a sharp rise in trading and open interest in Solana futures contracts. Volume increased by 71% to $19.3 billion, while open interest rose by 24% to $7.3 billion.

The sudden rise suggested traders are putting more money into Solana, a trend that normally happens when the market is bullish.

Additionally, high funding rate and the bullish positions taken by traders on various platforms are indications of a bullish market. The long/short ratio for Binance is shown as 1.5927, while it is listed as 1.67 on OKX.

Furthermore, top traders on Binance hold an extremely bullish position, with the long/short ratio reaching 2.2419. The evidence showed that traders are optimistic about the market and hold on to their positions even as prices fluctuate.

Liquidation Data Confirms Bullish Pressure

Further supporting Solana price bullish outlook are the liquidation metrics. In the past 24 hours, short positions had $10.5 million worth of liquidations, while long positions experienced $4.4 million in liquidations.

In addition, over the last 12 hours, short liquidations equaled $6.93 million, while only $383K in long positions were closed out. This skew indicated that bearish positions were unwound as the price moved higher, forcing traders to exit positions at a loss.

Besides, this kind of liquidation pattern typically occurs when the market is moving quickly in one direction. As SOL price continues to rise, traders betting against the move have had to close positions, creating additional buying pressure. This feedback loop often accompanies bullish trend acceleration, especially when paired with rising volume and open interest.

Meanwhile, a recent analysis revealed that SOL’s value stayed above $160 despite market volatility while noting that breaking above $200 could signal additional gains.