Solana tests $190 as shorts burn: What are they seeing that others aren’t?
The post Solana tests $190 as shorts burn: What are they seeing that others aren’t? appeared on BitcoinEthereumNews.com. SOL held above Fibonacci support, building bullish momentum even as spot volume dropped by 30%. Solana’s short liquidations and rising funding rates confirmed aggressive long positioning around the $185 mark. Solana [SOL] flashed a textbook cup-and-handle breakout on the weekly chart, with price action now testing a key resistance zone between $180 and $210. This setup, often followed by explosive upside when confirmed, aligns with improving sentiment across the market. At press time, SOL traded at $176.80, down 1.07% on the day. Yet, both crowd and smart money sentiment remained firmly positive, with respective scores of 0.63 and 1.45. Naturally, this raises the question—can bullish conviction carry the breakout through? Source: TradingView Are rising rates fueling the rally? The derivatives market reveals a sharp increase in trader activity. Funding Rates flipped positive, with the OI-Weighted reading at 0.00999% as of the 23rd of May. This suggests traders are paying a premium to hold long positions, reflecting bullish expectations. Meanwhile, total Open Interest rose 8.25% to $7.86B, confirming rising conviction in the rally. Options Volume also surged 38.12% to $1.64M, highlighting speculative appetite. Source: CoinGlass Will short squeezes drive the next leg up? As per the Liquidation Heatmap, Solana hovered just below a liquidation cluster between $185 and $190. Over $7.9M worth of shorts were wiped out recently, dwarfing $1.81M in long-side liquidations. Notably, Binance and Bybit contributed a large share of this pressure. This imbalance could amplify volatility, as further upside may trigger cascading liquidations of overleveraged shorts. Therefore, if the price pushes beyond $187–$190, SOL could enter an accelerated breakout phase as short sellers scramble to close positions. Source: CoinGlass Despite bullish indicators, spot volume has dropped significantly, falling over 30% to $13.99B. This decline raises questions about the sustainability of the current rally. However, sentiment remains strongly positive,…
The post Solana tests $190 as shorts burn: What are they seeing that others aren’t? appeared on BitcoinEthereumNews.com.
SOL held above Fibonacci support, building bullish momentum even as spot volume dropped by 30%. Solana’s short liquidations and rising funding rates confirmed aggressive long positioning around the $185 mark. Solana [SOL] flashed a textbook cup-and-handle breakout on the weekly chart, with price action now testing a key resistance zone between $180 and $210. This setup, often followed by explosive upside when confirmed, aligns with improving sentiment across the market. At press time, SOL traded at $176.80, down 1.07% on the day. Yet, both crowd and smart money sentiment remained firmly positive, with respective scores of 0.63 and 1.45. Naturally, this raises the question—can bullish conviction carry the breakout through? Source: TradingView Are rising rates fueling the rally? The derivatives market reveals a sharp increase in trader activity. Funding Rates flipped positive, with the OI-Weighted reading at 0.00999% as of the 23rd of May. This suggests traders are paying a premium to hold long positions, reflecting bullish expectations. Meanwhile, total Open Interest rose 8.25% to $7.86B, confirming rising conviction in the rally. Options Volume also surged 38.12% to $1.64M, highlighting speculative appetite. Source: CoinGlass Will short squeezes drive the next leg up? As per the Liquidation Heatmap, Solana hovered just below a liquidation cluster between $185 and $190. Over $7.9M worth of shorts were wiped out recently, dwarfing $1.81M in long-side liquidations. Notably, Binance and Bybit contributed a large share of this pressure. This imbalance could amplify volatility, as further upside may trigger cascading liquidations of overleveraged shorts. Therefore, if the price pushes beyond $187–$190, SOL could enter an accelerated breakout phase as short sellers scramble to close positions. Source: CoinGlass Despite bullish indicators, spot volume has dropped significantly, falling over 30% to $13.99B. This decline raises questions about the sustainability of the current rally. However, sentiment remains strongly positive,…
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