22.8 C
Manchester
July 18, 2024
BTC Hunts
Image default
Bitcoin

Solana Trading at Spot Premium: Is It an Indicator of a SOL Bull Rally?

The post Solana Trading at Spot Premium: Is It an Indicator of a SOL Bull Rally? appeared first on Coinpedia Fintech News

Although the monthly trade began with a minor consolidation, the current price trend suggests that the bulls are hinting at getting back into action. Meanwhile, Solana, who has exhibited acute strength in the recent past, is about to experience extended bullish activity. With the latest trend, the SOL price is expected to remain elevated as it seems to be poised to maintain a healthy upswing and achieve the pivotal resistance at $130 before the end of the quarter.

Source: X

Spot premium is considered one of the best indicators, which suggests the upcoming trend of the rally. Currently, the SOL price is trading with a consistent spot premium, which flashes extreme bullish signals for the crypto. As the current prices are trading higher than the expected price in the future, it is believed the prices may rise in the coming days.

With prices firmly above $95, will the SOL price reach $115 in the coming week?

The SOL price has been trading within a descending parallel channel in the short term and the recent price action compelled the price to breach the upper resistance. Now the token trades within a bullish range, aiming to reach the immediate resistance at $115. However, RSI is inflatory, which substantiates the bullish claim. Hence, the SOL price appears to be poised to surge and mark new yearly highs. 

Solana has kickstarted the 1st wave of the altcoin rallies a couple of months ago where it was among the top performers during Q4 2023. However, a similar trend appears to have reciprocated, as the SOL price is rallying again and outperforming the majority’s. Therefore, it appears that the markets are now gearing up for a Q1 altcoin rally. 

Related posts

Bitcoin Price Enters Pivotal Zone; Can the Bulls Trigger a Bullish Breakout to Reach $80,000?

David Bradley

Cardano(ADA) Price Closer for a 40% Mega-Rally! These are the Targets for the Next 48 Hours!

David Bradley

Top 3 Altcoins To Turn $1 to $100 by End of Q1-2024!

David Bradley