{"id":137572,"date":"2023-09-02T05:27:15","date_gmt":"2023-09-01T23:57:15","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=137572"},"modified":"2023-09-02T05:27:15","modified_gmt":"2023-09-01T23:57:15","slug":"solana-sol-reaches-range-high-again-can-a-breakout-occur-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/solana-sol-reaches-range-high-again-can-a-breakout-occur-crypto-news\/","title":{"rendered":"Solana [SOL] reaches range high again, can a breakout occur? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><i data-stringify-type=\"italic\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>Solana snowballed to range high again with bulls determined to extend gains.<\/em><\/li>\n<li><em>Open Interest rose by 7.26% over the past day to signal bullish conviction in the futures market.<\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/SOL\" data-wpel-link=\"internal\">Solana\u2019s [SOL]<\/a> bullish rally from the $22 support level reached the range high of $25 over the past 24 hours. This price level has stalled the bullish rally on two previous occasions which further highlights the level\u2019s importance to a full-blown bullish breakout.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Is your portfolio green? Check the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/solana-profit-calculator\" data-wpel-link=\"internal\">Solana Profit Calculator<\/a><\/p>\n<hr \/>\n<p>Consequently, the likelihood of bulls scaling this hurdle at the third attempt could be dependent on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/BTC\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> rising above the $29.5k price threshold.<\/p>\n<h4><strong>Enthusiastic bulls make another attempt to flip key price level<\/strong><\/h4>\n<div id=\"attachment_335899\" style=\"width: 1927px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/SOLUSDT_2023-08-15_13-07-43.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-335899\" class=\"size-full wp-image-335899\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/SOLUSDT_2023-08-15_13-07-43.png\" alt=\"Solana SOL price chart on dark background\" width=\"1917\" height=\"1054\" \/><\/a><\/p>\n<p id=\"caption-attachment-335899\" class=\"wp-caption-text\">Source: SOL\/USDT on Trading View<\/p>\n<\/div>\n<p>The double bullish candles on the 12-hour timeframe over the past 24 hours took Solana to the $25.3 resistance. Despite the slight pullback, the structure remained bullish with price trending higher after the recovery at the $22 bullish order block.<\/p>\n<p>The sustained bullish momentum combined with the signals from the on-chart indicators highlighted buyers\u2019 advantage.<\/p>\n<p>The Chaikin Money Flow (CMF) surged higher, highlighting the capital inflows and significant bullish momentum. The Relative Strength Index (RSI) dipped over the past 48 hours but recovered to stay above the neutral 50. This showed that demand existed for SOL.<\/p>\n<p>While the on-chart evidence supported bulls breaking above the resistance level, sellers cannot be disregarded, due to the previous range-bound price movement.<\/p>\n<h4><strong>The futures market highlighted bullish conviction<\/strong><\/h4>\n<div id=\"attachment_335900\" style=\"width: 1810px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/SOL_Open-Interest_Funding-Rate.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-335900\" class=\"size-full wp-image-335900\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"1800\" height=\"842\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/SOL_Open-Interest_Funding-Rate.png 1800w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/SOL_Open-Interest_Funding-Rate-300x140.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/SOL_Open-Interest_Funding-Rate-1024x479.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/SOL_Open-Interest_Funding-Rate-768x359.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/SOL_Open-Interest_Funding-Rate-1536x719.png 1536w\" data-lazy-sizes=\"(max-width: 1800px) 100vw, 1800px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/SOL_Open-Interest_Funding-Rate.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-335900\" class=\"size-full wp-image-335900\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/SOL_Open-Interest_Funding-Rate.png\" alt=\"\" width=\"1800\" height=\"842\" \/><\/a><\/p>\n<p id=\"caption-attachment-335900\" class=\"wp-caption-text\">Source: Coinalyze<\/p>\n<\/div>\n<p>The bullish conviction in the derivatives market was highlighted by the Open Interest\u2019s 24-hour trend. According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinalyze.net\/solana\/open-interest\/\" data-wpel-link=\"external\">Coinalyze<\/a>, the OI rose by 7.26% over the past day. This suggested that buyers were pushing for more gains.<\/p>\n<hr \/>\n<p style=\"text-align: center\">How much are\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/convert\/100-sol-to-usd\" data-wpel-link=\"internal\">1, 10, or 100 SOL<\/a>\u00a0worth today?<\/p>\n<hr \/>\n<p>Likewise, the Funding Rate stayed positive as well. This hinted that Solana bulls could break out past this zone on the third try.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion. Solana snowballed to range high again with bulls determined to extend gains. Open Interest rose by 7.26% over the past day to signal bullish conviction in the futures market. Solana\u2019s [SOL] bullish rally from [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":137573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-137572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=137572"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137572\/revisions"}],"predecessor-version":[{"id":148371,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137572\/revisions\/148371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/137573"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=137572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=137572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=137572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}