Compass Investments

– Will the value of Solana jump to $200 as the bulls regain momentum after the FOMC meeting?

Long positions on Solana dominate the Binance exchange with a 62.78% market share.

38.20% Fibonacci level at $164.77 could push Solana’s price up 35% . DeFi Development Corporation reported a 7-to-1 stock split.

Solana (SOL) price started to recover after the Federal Open Market Committee (FOMC) announced that interest rates will remain unchanged. This news spurred growth in the cryptocurrency market. Thanks to it, the price of SOL again exceeded $150.

Analysts suggest that the price of Solana may exceed the $200 mark. As traders have high hopes for further growth, SOL is on the verge of a possible breakout.

The recent jump in the price of the Solana cryptocurrency is backed by the confidence of traders. According to CoinGlass, the Solana derivatives market on Binance is now dominated by long positions, with a long-to-short ratio of 1.69.

This indicates that 62.78% of all active positions on Binance are long, indicating a strong bullish sentiment among traders. The high level of long positions means that many traders are confident that the current uptrend will continue. This may lead to price growth to the next significant resistance zones.

Moreover, this sentiment is in line with the general optimism in the market after the FOMC decision, which caused many leading altcoins to rise. As traders continue to bet on further gains, the short-term outlook for Solana remains bullish.

In addition to the increase in long positions, open interest in Solana rose to $5.65 billion. This 4% increase indicates the growing activity in the market and the high level of traders’ confidence that the price of Solana can continue its recent rise.

Open interest is the total volume of active contracts. It is an important indicator of market sentiment, as it often signals an increase in trading activity.

In addition, an increase in open interest is also a positive signal for capital appreciation in the Solana futures markets. This is a positive factor for a sustained rally.

At the time of writing, the funding rate on Solana contracts was 0.0053% . This shows that traders are willing to pay to maintain their long positions in the continuation of the existing bullish trend.

From a technical point of view, the Solana price is facing significant resistance at the 38.20% Fibonacci retracement level at $164.77. This level corresponds to the critical supply zone and is likely to test the current recovery.

SOL Coin was able to overcome this barrier. Thus, the rally to the 61.80% Fibonacci level, located around $200, may continue.

Additionally, the further 35% growth is confirmed by technical indicators, including the Relative Strength Index (RSI). At the time of publication, it was above the midpoint, indicating that buying pressure is intensifying.

In addition, the Chaikin Money Flow (CMF) index stood at 0.06, which is bullish on Solana.

Another development was that DeFi Development Corporation, one of the blockchain players, announced a 7-to-1 direct stock split. It will take effect from May 20, 2025.