- An analyst predicted that SOL will hit 3.17x within the quick to mid-term.
- Merchants with high-leverage quick positions could also be liquidated.
Captain Faibik, a technical analyst, posted on X (previously Twitter) that the value of Solana [SOL] could be on its strategy to $333.
From the chart Faibik shared, SOL had damaged out of a descending triangle. Which means that the development of the token was not bearish.
The publish additionally confirmed the trajectory for Solana going ahead could be nothing however upward.
$SOL #Solana is Highway to the $333
pic.twitter.com/6FXD3FSKyQ
— Captain Faibik (@CryptoFaibik) January 30, 2024
At press time, SOL’s worth was $105.65, CoinMarketCap confirmed. This worth indicated that the cryptocurrency has elevated by 8.90% within the final 24 hours.
The buying and selling quantity surged to $3.14 billion throughout the similar interval, indicating excessive curiosity within the token.
If SOL surges to $333 as Faibik talked about, it might imply that the worth would have elevated by 3.17x. However can SOL attain that worth inside a brief timeframe?
The trail appears to be like clear for longs
AMBCrypto needed to guage the likelihood. Due to this fact, we thought of checking the Liquidation Heatmap offered by HyblockCapital.
The Liquidation Heatmap permits merchants to establish areas the place there may be excessive liquidity.
In checking some areas, merchants can predict the place liquidation occasions would possibly happen. At press time, our evaluation of the indicator confirmed that merchants who determine to lengthy SOL may need no challenge getting liquidated.
Nevertheless, if a dealer decides to quick the token and goal the $82 to $85 vary, the place may very well be worn out.
Whereas these with low leverage may very well be spared, open quick positions with 25x to 100x leverage risked dropping their funds.
Supply: HyblockCapital
On the similar time, this doesn’t assure SOL’s soar to $333. However the plot above confirmed that the Solana native token would possibly simply cross $115 inside a brief interval.
If SOL crosses $115, there’s a excessive probability that the value motion would possibly proceed shifting ahead. In a current article, AMBCrypto reported how some analysts predicted that SOL would hit $140.
With the present state of the token, it appears to be like just like the goal might change into a actuality sooner moderately than later.
Open Curiosity reinforces the bullish thesis
By way of the Open Curiosity (OI), Coinglass showed that it had elevated to $1.26 billion. The OI is the worth of all open contracts. It will increase or decreases relying on web positioning.
When the OI will increase, it implies that contributors are growing their positioning, Nevertheless, a decline within the OI means that liquidity is shifting out of contracts related to the cryptocurrency.
Supply: Coinglass
Is your portfolio inexperienced? Take a look at the SOL Revenue Calculator
Regarding Solana’s worth, the growing OI would possibly function a energy for the upward motion. If the value continues to extend alongside the OI, then SOL would possibly soar 50% over the forthcoming weeks.
Nevertheless, the value motion might expertise pullbacks within the course of.