Price Analysis

Solana Price Bullish Streak Likely To Continue As SOL Sees $4.5M Inflows

Solana (SOL) price ticked up from $140 support reinforced by the 200-day EMA as increase in fund inflows reflects persistent investor interest and improving sentiment.
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Solana Price Bullish Streak Likely To Continue As SOL Sees $4.5M Inflows


Highlights

  • Solana price recollects liquidity at $140 support as bulls fight to uphold a 30% weekly gain.
  • Fund inflows increase by $4.5 million, suggesting rising investor interest.
  • Stubborn MACD sell signal points to a weakening technical structure and a potential 18% drop.

Solana (SOL) price clawed back a significant portion of gains from the previous week’s recovery on Saturday and Sunday, underscoring high volatility in the market. Although low volume has historically characterized crypto in August, SOL flaunts immense potential to make a significant recovery.

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Solana AUM Grows By $4.5M

Solana price swept through fresh liquidity at $140 on Sunday as downside risks intensified for Bitcoin and other crypto assets like Ethereum and Ripple. However, the CoinShares digital asset flows weekly report revealed rising investor interest in SOL, which saw $4.5 million in inflows.

This uptick shows that investors capitalized on the downtrend early last week, increasing their holdings. Moreover, the general sentiment toward SOL price remained bullish as optimism for a spot ETF approval before the end of 2024 surged.

Total inflows reached $176 million, with Ethereum taking the biggest share with $155 million and Bitcoin emerging second with $13 million. If investors continue depositing into crypto and SOL products this week, traders can expect the price to gain momentum and tag $180 and $200, respectively.

Solana weekly inflow | CoinShares

At the same time, short-position liquidations are increasing. According to Coinglass data, traders have forcefully closed $4.92 million worth of short positions and $3.27 million worth of long positions.

When short liquidations outpace long liquidations it often signals bullish momentum. Note that forced buying from liquidated short positions can augment price rallies, potentially leading to a short squeeze.

Solana derivatives liquidations | Coinglass
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Solana Price Analysis: SOL Recovers From Key Support

Solana price is in the middle of a trend reversal after tapping liquidity at $140 support strengthened by the 200-day Exponential Moving Average (EMA). A breach above the $150 level is anticipated in the American session, with bulls likely to follow through, extending the bullish leg toward $180.

Key profit targets include the confluence resistance at $155 formed by the 20-day EMA and the 50-day EMA, last week’s resistance at $160, and the weekly target of $180.

Solana price chart | Tradingview

This Solana price prediction cautions traders against going all-in on SOL buy orders amid rumors of continuing VC token unlocks. Token unlocks increase circulation supply and often dampen price recovery or uptrend continuation.

A stubborn sell signal from the Moving Average Convergence Divergence (MACD) suggests waiting for another confirmation before buying SOL. Should the 200-day EMA support fail to hold, Solana price could slide to $130 and $110 levels, respectively, in search of more liquidity.

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Frequently Asked Questions

How will Solana's price respond to the increase in weekly fund inflows?

Solana price might trend higher due to increasing demand and improving market sentiment.

How high can SOL price go this week?

If Solana recovers above $160, the uptrend could accelerate to $180 by the weekend.

Has Solana price correction ended?

Solana’s recovery from the $110 level tested last week is a bullish testament but still not enough to mark a bottom. Continued recovery above $200 will help confirm the bull run.
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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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