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Solana (SOL) price has always raised significant questions. Initially, it made a strong impact on the market and was one of the stars of the last bull run, but it plummeted following the FTX incidents. After recovering, SOL approached its ATH. Today, it is believed that SOL might rise again from its current price. Can SOL achieve this?
Will Solana Rise?
Solana’s price continues to show potential for continuous rise with innovations and new opportunities on the network. Past airdrops and the meme coin craze were prime examples of this.
On the other hand, investors hopeful for a rise are closely monitoring changes in SOL’s Open Interest (OI). Open interest (OI) reflects the total number of open futures or options contracts.
In the past two weeks, the OI value increased by more than $700 million. During this period, it rose from $1.7 billion to $2.4 billion. This clear increase can be seen as a reflection of investors’ optimism about a price rise.
Meanwhile, a noticeable decrease in the correlation between Solana and Bitcoin has been observed. Considering that a rise in BTC generally helps altcoins rise, such a decrease in correlation might be a precursor to a general decline.
However, this situation might not be as bad for SOL as it seems. Every drop in the altcoin’s correlation with BTC has led to rises in SOL. Currently, the mentioned correlation ratio is seen as 0.63.
SOL Price Prediction
Since Solana failed to close above the $190 level, it has not shown a rising trend. SOL is currently trading at the $169 resistance level, which means a 3% daily increase.
SOL‘s most critical level is seen as $170, and it is believed that the cryptocurrency needs to solidify this level as support. After this, it will need to turn the second level at $175 into support as well. If it can maintain these two levels solidly, the focus can turn to $190, which can be seen as a healthy test of resistance.
However, if the $170 and $175 levels are not achieved and confirmed as support, SOL might drop to $156. If this support level is lost, Solana might experience a sharper decline and fall to $137.
