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- Solana’s price has bounced by 8% after retesting its bullish pennant support
- Positive funding rates and greater volumes might support a potential upward move
Source: TradingView
What do the metrics say?
According to OI-weighted funding rate data from Coinglass, significant volatility has been seen across Solana’s funding rate over the past few weeks. In fact, recent data suggested a slight positive bias in the funding. This can be interpreted as growing bullish sentiment among investors in the market.
Source: Coinglass
Source: Hyblock Capital
Source: Hyblock Capital
What next for Solana?
The altcoin’s price action affirmed its market trajectory, as a breakout from a bullish pattern often presides over a potential bullish continuation. However, with increased volatility, any price corrections that break below it could signal bearish pressure.#Solana #Tracing #SOLs #price #action #retests #key #level
