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Alcista technicians suggest that the sun’s price can reach $ 1,000 if the resistance between $ 210 and $ 250 is broken.
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Solana’s open interest has recovered a record of $ 13 billion, indicating a high speculative interest.
After falling to $ 155 on August 3, the price of Solana (Sol) has recovered more than 36% to an intra -trial of $ 210 on Wednesday. Aligning with this rebound, Solana technicians now suggest that the sun price of $ 1,000 is still on the cards.
Sol Price Technicals Objective of $ 1,000
Solana’s price action has painted a bullish megaphone pattern in the weekly table, which can be promoted to four digits, the data of Cointelegraph Markets Pro and Mercyview.
A megaphone pattern, also known as an extension wedge, is formed when the price creates a series of higher and lower high ups and dothe. As a technical rule, a rupture above the upper limit of the pattern can trigger a parabolic increase.
Related: The Solana vs. chart Bitcoin points to explosive Sol Price Breakout at $ 300
The pattern will be confirmed once the price is broken above the higher trend line around $ 330, eliminating the route for a rally towards the measured target of the pattern to $ 1,057, or an increase of 400% from the current level.
The relative force index has increased from 49 to 61 since the beginning of August, indicating that the bullish impulse is constantly accumulating.
Sol Price has also left a cup and handling graphic pattern in the weekly table, as shown below. The price is still quoted above the upper limit of the cup pattern in $ 160, a confirmation that the break was still at stake.
The bulls now focus on pushing a sun above the cup neckline at $ 250 to continue the rally.
Above that, the Solana price could increase as high as $$ 1,030, based on Fibonacci’s recoil analysis.
Solana’s weekly table shows a “Alcista multimanth sett
“The objective is still $ 1000 for $ Sol once we leave this range.”
As Cointegraph reported, Sol needs a decisive breakdown above $ 210 to increase the possibilities of an increase to $ 260 and then in the discovery of prices.
Solana Oi increases to record high
Solana’s open interest (OI) in futures markets reached a historical maximum of $ 13.68 billion on Saturday, indicating a strong speculative interest in the derivative market.
Such a high demand suggests that derivative merchants are betting on the ascending trajectory of Sun, potentially amplified by institutional entries and ETF speculation.
The high open interest often precedes significant price movements, as seen between April and July, when an 188% increase in OI preceded an increase of more than 103% in the price of sun.
The current increase in OI, together with an increase in the price of 17% to around $ 217, coincides with the approval of the Alpenglow update, which increases investor confidence.
The Alpenglow update, approved with support of 98.27%, cuts the purpose of the Solana transaction from 12.8 seconds to 150 ms, increasing the yield to 107,540 TPS.
This improves the competitiveness of Solana against Ethereum, which potentially leads to Sol to new historical maximums in 2025, if the institutional adoption and the growth of Defi accelerate.
However, Ochain’s activity tells a different story. Despite the Solana Defi ecosystem that has $ 12 billion in total blocked value (TVL) and token launches leaders, the network activity has not been proportionally reduced with price gains.
In the last 30 days, the Solana transactions count fell by 99%, indicating an activity in the diminished chain that could reduce sun prices recovery.
In contrast, Ethereum transactions increased by 39% during the same period, according to Nansen data. The number of active addresses of Solana also fell by 22%, showing a decrease in the use of the network.
The activity of Dex in Solana fell for the third consecutive week, with the weekly volumes of Dex falling by 65% to $ 10,673 billion, according to defillma data. These figures are not particularly encouraging for sun holders and can be a wind against any future gain.
This article does not contain advice or investment recommendations. Each investment and negotiation movement implies risk, and readers must carry out their own research by making a decision.