Crypto
Solana Price Correction: Can SOL Rally to $120 Next?
Solana's price has been experiencing a correction after a strong 30%+ rally that pushed it past $110. The recent pullback, paired with falling open interest, suggests this is largely a long-liquidation event rather than a bearish reversal.
The Solana blockchain uses a unique mechanism called Proof of History to validate transactions quickly and securely. This allows the network to process thousands of transactions per second at a fraction of the cost of older networks.
According to the data, if SOL price holds above $96-$97 with flat OI, it could open up a bounce toward $100-$102. However, a break below $96 with rising OI would suggest fresh shorts, exposing SOL price to a slide toward $94-$95.