Solana Nears $130; Will SIMD-228 Push to $145?

Solana Targets $200 As Market Witnesses First SOL Futures ETF
Disclaimer: This article provides technical analysis and price predictions based on current market data. Cryptocurrency investments carry substantial risk. This is not financial advice. Always conduct your own research and consult with a financial advisor before making investment decisions.

The U.S. Core CPI coming at 3.1% year-over-year, estimated at 3.2%, is lower than expected. With this lower-than-anticipated inflation, the crypto markets are responding positively, as Solana momentarily surpasses $130. 

Currently, Solana is trading at $128, as it hints at a potential bullish recovery. Will this reversal in Solana result in a price surge to $170? Let’s find out. 

Solana Price Analysis

In the daily chart, the SOL price trend showcases a declining trend, reaching a swing low of $112. However, with a price surge of 6% on March 11, the bullish trend for Solana is gradually gaining momentum. 

Solana Price Chart
Solana Price Chart

With an intraday gain of 1.94%, prolonging the bullish recovery, Solana has entered the streak of five consecutive red candles. Furthermore, with a potential V-shaped reversal, Solana is marking an early bounce-back from the S-1 pivot support level at $104. 

With the recovery run, Solana is hinting at a potential bounce-back of $145 for the 20-day EMA.

Solana Flips Ethereum in 24-hour Revenue

Amid the short-term recovery and the declining U.S. inflation, Solana marks another record, surpassing Ethereum in 24-hour revenue. As per a recent post by SolanaFloor, the Solana network has recorded a 24-hour revenue of $442,000. 

This marks a significant increase compared to Ethereum at $419,000. In the third position, Maker records a 24-hour revenue of $391,000.

SIMD-228 Proposal Nears Approval

As mentioned in our last article, the SIMD-228 protocol proposal in Solana is being discussed to cut SOL inflation by nearly 80%. As per the recent vote status, the proposal is currently passing with 67.97% yes of yes+no votes which exceeds 67%.

However, 56% of stakers have not voted yet. The voting continues until the end of Epoch 755.

Solana Derivatives Signal Rising Open Interest

As Solana stands at a crossroads, the derivatives market witnessed a surge in open interest to reach $3.7 billion. However, the funding rate remains negative at 0.0065%, reflecting the willingness of sellers to pay the premium and hold short positions.

The long-to-short ratio over the past 24 hours is at 0.9767, reflecting a minor surge of selling accounts. The liquidations have risen to $13.12 million, with short liquidations accounting for $7.54 million and long liquidations at $5.58 million. While Solana’s short-term price action remains volatile, some investors are already eyeing other altcoin opportunities. Find out why many whales are turning to XYZVerse with expectations of 5000% gains.

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Sahil Mahadik
Written by Sahil Mahadik
With over three years of hands-on experience in the financial markets, Sahil has honed an exceptional proficiency in technical analysis, which is the cornerstone of his daily monitoring of price fluctuations in leading assets and indices. His foray into the ever-evolving world of cryptocurrency began with a deep fascination for financial instruments. Sahil currently contributes to CryptoNewsZ but has also been featured in prominent publications like Coingape.