Solana (SOL) is trading at around $184 as key support near $171 attracts buying interest. Market activity shows cautious optimism with stable trading volumes and modest long position bias, indicating investors are preparing for potential upward momentum.
At the time of writing, Solana is trading at $ 183.70 with a 24-hour trading volume of $ 17.30 billion and a market cap of $ 99.71 billion. SOL price increased 2.57% in the last 24 hours.
Solana Eyes Key Support as Buying Interest Emerges
At the same time, More Crypto Online highlighted Solana’s present chart structure. It clarified that SOL is responding to the Fibonacci support level, although so far, upside momentum remains weak. A possible retest of $171.49 is by no means excluded, which matches the 100% extension level of wave (c).
Despite a possible short-term decline, this level might encourage fresh buying interest among investors. According to observers, even if Solana corrects lower, this is within an area where longer-term buyers might find favorable entry points.
Also Read | Solana Set to Soar: Will It Reach $302 with Strong Bullish Momentum?
Solana Derivatives See Rising Activity
Market activity on Solana is sending mixed signals, with trading volume rising 2.50% to $27.85 billion and open interest decreasing -0.31% to $10.44B. This indicates that more trades are entering the market, although total open positions are holding steady with a slight decline. Investors remain active but are holding back from opening large positions.
The OI-Weighted funding rate is 0.0074%, which indicates a slight preference for long positions. The positive and modest reading shows that buyers are still anticipating rising prices, but with limited confidence. Overall, market sentiment remains stable, with market participants balancing activity with prudence.
Also Read | Solana Price Prediction: Can SOL Reach $189 by the End of August?
