SOL’s price rose to 171.47 USD with a 2.14% increase. It is nearing a critical resistance area between 176 and 188 USD, indicating a potential upward movement if it breaks these barriers.
The Social Dominance for Solana has increased to 5.18%, reflecting renewed interest from retail investors. Moreover, funding rates on Binance turned slightly positive, indicating a shift in trader sentiment towards going long.
A high concentration of short positions exists between 170 and 176 USD, which could lead to significant liquidations if the price surpasses 176 USD. Technical indicators suggest a bullish crossover is likely, paving the way for SOL’s price to rally.
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