On a lively Friday in the crypto space, Bitcoin and Ethereum saw a surge in trading action. Bitcoin briefly hit $58,400 before cooling down to $57,800, while Ethereum approached its recent high of $2,450. This intense activity led to a spike in leveraged and margin trades, with Bitcoin's open interest soaring to $12.2 billion and Ethereum's reaching $5.36 billion. Investors eagerly jumped in, aiming to capitalize on the short-term bullish momentum in the two leading cryptocurrencies
But amid this frenzy, one asset is quietly making its moves—Solana (SOL).
Solana's Subtle Rise: A Hidden Bullish Signal?
While Bitcoin and Ethereum surged, Solana quietly rose above $140, avoiding the speculative frenzy. Santiment views this calm as a bullish sign, suggesting steady accumulation and potential for a strong rally ahead.
Currently, Solana is trading around $139, with a 2.75% price increase over the last 24 hours. Its trading volume has also ticked up by 2.5% during the same period. Although these gains seem modest compared to Bitcoin and Ethereum's wild swings, the restrained activity around Solana might indicate that traders are positioning for a longer-term breakout. As Santiment highlighted, Solana's lack of hype could set the stage for a more sustainable rally.
Key Levels to Watch for Solana
The $140 level is a crucial resistance point for Solana. If it manages to hold above this level and close its daily candle with strength, SOL could see further upside, potentially aiming for $160 next week. However, the bullish thesis will only hold if Solana maintains this momentum. A failure to break decisively above $140 could lead to a pullback, with the next support level sitting at $130.
Solana's Current Momentum
Moreover unlike BTC and ETH, has seen far less speculative trading, which might indicate more stable, long-term buying. SOL's future open interest has increased by 4.5% in the last 24 hours and has been steadily rising. Traders and investors often consider rising open interest and a long/short ratio above 1, while building long or short positions. Bitcoin's recent pullback from $58,400 and Ethereum's hesitance around $2,450 could provide Solana the opportunity to quietly gather strength and stage its breakout.
Solana's Potential Breakout
While Bitcoin and Ethereum dominate, Solana's subtle rally above $140 is worth watching. If SOL holds this level, it could climb toward $160. With less speculative trading, Solana might be gearing up for a breakout, positioning itself as the next big mover in the crypto market while other assets face potential short-term exhaustion.
