Solana Trading at Spot Premium: Is This Indicator of a SOL Rally? First appeared on Coinpedia Fintech News
The monthly trading started with a small consolidation, but the current price trend suggests that the bulls are back in action. Meanwhile, Solana, which has recently shown rapid strength, is expected to continue its strong performance for a long time in the future. Following the latest trends, SOL price is expected to continue rising as it maintains a healthy upward trend and appears poised to hit the pivotal resistance of $130 before the end of the quarter.
Spot premium is considered one of the best indicators of an upcoming rally trend. Currently, SOL price is trading at a consistent spot premium, indicating an extremely bullish signal for the cryptocurrency. Since the current price is trading higher than the expected future price, it is thought that the price may rise in the future.
If the price is definitely above $95, will SOL price reach $115 next week?
SOL price has been trading within a descending parallel channel for a short period of time and recent price action has caused the price to break above the upper resistance. The token now trades within a bullish range, aiming to reach the immediate resistance of $115. However, RSI is inflated, proving the bullish argument. So SOL prices appear poised to surge and hit annual highs.
Solana kicked off the first wave of the altcoin rally a few months ago, becoming its best performer in the fourth quarter of 2023. However, similar trends appear to have paid off, with SOL prices bouncing back and outperforming the majority. So it appears that the market is now gearing up for a Q1 altcoin rally.