Solana (SOL) goes bullish – Is $200 on the horizon?

Solana (SOL) is on a little bullish run, and everyone is wondering whether it can hit $200 soon. Trading at around $160, Solana is showing some serious strength.

The price is above its 50-period moving average of $157.71 and its 200-period moving average of $148.12, which is a good sign. What’s more, the Ichimoku Cloud backs up this bullish vibe.

With the price sitting above the cloud, we’re looking at a proper bullish trend. The conversion line is higher than the baseline, pointing to an upward trend. Plus, the leading span A is above the leading span B, reinforcing the bulls.

The Relative Strength Index (RSI) is currently at 53.63, which is neutral but on the rise. This indicates that Solana has room to grow before hitting overbought levels, usually marked by an RSI above 70.

Earlier, the RSI touched 61.21, hinting at building momentum. The MACD line is at -0.07, with the signal line slightly above at 1.21.

This setup means that a bullish crossover might be on the horizon if the MACD line crosses above the signal line. The histogram bars are negative but shrinking.

The On-Balance Volume (OBV) oscillator stands at 51.987K, showing strong buying pressure. A rising OBV means that trading volume is higher on up days than down days, which is a bullish sign.

The peak at 70.895K backs this up, showing increased buying activity. Solana’s derivatives market also tells a bullish story. The trading volume has jumped by 26%, hitting $7.88 billion.

This surge shows growing interest and participation in Solana. Meanwhile, open interest has slightly dipped by 0.13% to $2.16 billion, so some positions have been closed or liquidated.

The long/short ratio over the past 24 hours is 0.9275, indicating a balanced market sentiment. On Binance, the long/short ratio for accounts is 1.524, with top trader ratios at 1.8703 and 1.6369 for positions, showing that top traders are predominantly bullish. Same with OKX.

From mid-June to mid-July, Solana’s price has been climbing from a low near $120 to a peak around $160. Volume analysis reveals strong trading activity, especially today.

If the current trend continues, Solana could target higher levels, possibly reaching or surpassing the $200 mark.