Solana's $100 Breakout Rejected, But Bull Market Not Over Yet
Solana's attempt to break above $100 has failed for now, but it may not mean the end of its bull market.
The cryptocurrency briefly traded above $102 but retreated to around $97 after the immediate $100 breakout was invalidated.
Despite this setback, Solana's price has still increased by about 27% over the last 30 days and 26% over the last seven days, overcoming several significant technical obstacles along the way.
The positioning of derivatives appears aggressive, with a long/short ratio on Binance's SOL/USDT pair at around 2.07, indicating significantly more longs than shorts among measured accounts.
A net outflow of about $60.77 million is seen in 12-hour futures flows, making it possible for further leveraged longs to be forced out in the event of another downward move.