Solanas Long-Term Accumulation Strategy Pays Off Heres How
The post Solanas Long-Term Accumulation Strategy Pays Off Heres How appeared first on Coinpedia Fintech News
On a busy Friday in the crypto world, Bitcoin and Ethereum saw a significant boost in trading. Bitcoin briefly hit $58,400 before settling around $57,800, while Ethereum approached its recent high of $2,450. This activity led to a spike in leveraged and margin trades, with Bitcoins open interest reaching $12.2 billion and Ethereums hitting $5.36 billion. Investors jumped in, eager to take advantage of the short-term positive trends in these top cryptocurrencies.
But amid this frenzy, one asset is quietly making its movesSolana (SOL).
Solanas Quiet Climb
Amidst the excitement around Bitcoin and Ethereum, Solana (SOL) is quietly making progress. While Bitcoin and Ethereum surged, Solana rose above $140, avoiding the speculative frenzy. Santiment sees this calm behavior as a positive sign, suggesting steady accumulation and the potential for a strong rally ahead.
Currently, Solana is trading around $139, showing a 2.75% increase in price over the last 24 hours. Its trading volume also went up by 2.5% during this period. While these gains seem small compared to the wild swings of Bitcoin and Ethereum, Solanas steady activity might mean traders are preparing for a longer-term breakout. Santiment believes that Solanas lack of hype could set it up for a more sustainable rally.
Key Levels to Watch for Solana
The $140 mark is a crucial resistance level for Solana. If SOL can stay above this level and close its daily candle strongly, it could see further gains, potentially reaching $160 next week. However, this bullish outlook depends on Solana maintaining its current momentum. A failure to break decisively above $140 might lead to a pullback, with the next support level at $130.
More Stability for Solana
Unlike Bitcoin and Ethereum, Solana has seen less speculative trading. This could indicate more stable, long-term buying. Over the past 24 hours, Solanas future open interest increased by 4.5%, showing steady growth. Traders often see rising open interest and a long/short ratio above 1 as signs of potential price movements.
With Bitcoin retreating from $58,400 and Ethereum hesitating around $2,450, Solana might be preparing for a breakout.
Whats Next?
While Bitcoin and Ethereum are in the spotlight, Solanas steady rise above $140 is notable. If SOL holds this level, it could climb towards $160. With less speculative trading, Solana may be gearing up for a breakout, positioning itself as a potential major player in the crypto market as other assets face possible short-term exhaustion.
While Bitcoin and Ethereum capture the headlines, Solanas quiet accumulation could be the secret to its future success. Stay tuned for more.
Read more: https://coinpedia.org/news/solanas-quiet-rally-a-bullish-signal-amid-bitcoin-and-ethereum-frenzy/
Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
