Solana (SOL) seeks a breakout above $190 as bulls take control.
Solana (SOL) has risen more than 11% since May 19 and is now trading above $180, indicating strong bullish momentum. The Long/Short ratio exceeds 1, signaling that more traders are betting bullishly on the price increase of SOL. The Chaikin Money Flow and the Aroon Up Indicator of SOL suggest a continuous upward price movement, possibly reaching $190 and beyond.
The popular altcoin Solana has recorded four consecutive daily green candles, raising its price by more than 11% since May 19. Now trading above $180, the altcoin has gained 3% in the last 24 hours and seems ready to continue its upward trajectory in the short term.
The Long/Short ratio of SOL has risen above 1 for the first time since May 8. This indicates renewed interest in long positions among futures traders and highlights a shift in market sentiment towards bullish expectations. At the time of publication, it stands at 1.01. The Long/Short ratio measures the proportion of bullish (long) positions versus bearish (short) positions in the market. When the ratio is below one, asset holders are betting on a price drop instead of an increase. Conversely, as with SOL, a Long/Short ratio above one indicates more long positions than short ones.
This suggests a bullish sentiment, with most traders expecting the value of the asset to rise. The bullish trend in SOL's Long/Short ratio reflects growing optimism among its futures traders.
This shift indicates that more market participants are now making bullish bets on the coin, expecting its price to rise in the short term. Additionally, the Aroon Up line of the coin is at 100%, highlighting the strength of the current SOL rally.