Over the past 48 hours, Solana has taken the cryptocurrency market by surprise with a substantial price surge, now sitting at $24.41.
This unexpected leap has propelled Solana beyond a significant resistance level known as the 200 Exponential Moving Average (EMA), a crucial point of interest for traders.
What makes this rally even more intriguing is the fact that Solana has recently been heavily shorted, raising the possibility that we might be witnessing the outcomes of a short squeeze.
The crypto market has been abuzz lately, especially due to Bitcoin’s recent climb to $28,000. This bullish sentiment appears to be spreading to alternative cryptocurrencies like Solana.
The notable increase in Solana’s trading volume indicates robust buying interest and hints at the potential for further gains in the near future.
The 15% surge in Solana’s price could be just the beginning, particularly if the asset can sustain its position above the 200 EMA.
Traders and investors will closely monitor the next resistance levels and whether Solana can maintain its bullish momentum.