• The Solana price rises 0.8% daily and 5.36% weekly.
• RSI shows bullish strength with room for growth.
• MACD confirms strong buying demand and momentum.
• Open interest climbs, signaling traders expect bigger moves.

Solana (SOL) is on the way to its positive price trajectory and is eyeing an increase in its value against the overall market. The SOL price over the last 24 hours is up by 0.8%, and over the last week it is also up by 5.36%.

At the time of writing, SOL is trading at $203.72, with a 24-hour trading volume of $7.21 billion, down by 47.08% over the last 24 hours. The coin has a market capitalization of $110.14 billion, which is also up by 0.81%.

The general market trend has turned bearish due to less investor interest and BTC’s downward momentum. This sharp decline in its price has badly impacted the overall market, including altcoins like SOL.

Also Read: Solana Eyes $360 After Weekly Breakout Above $202 Resistance

Solana Technical Indicators Highlight Bullish Momentum

Solana (SOL) has technically reclaimed the $200 threshold. On the weekly chart, the price has broken above the 20-week SMA and is presently near the upper Bollinger Band. This breakout positions Solana for a possible rally into the next resistance at the $275 region, with a deeper target at $300 if momentum continues.

The Relative Strength Index (RSI) currently sits at 65.24, suggesting strong bullish momentum but not yet in overbought territory. This indicates that Solana still has room to climb before hitting exhaustion levels, though traders should monitor for potential overextension as it approaches the $275–$300 resistance zone.

The MACD line (180.61) has moved considerably above the signal line (132.58), with the histogram remaining above zero. This bullish signal suggests increasing purchasing demand and supports the view of further increases in the near term.

Derivatives Market Shows Mixed Trends

The derivatives market trading volume dropped 43.65% to $28.82 billion, reflecting spot activity. Open interest, however, increased by 3.55% up to $12.72 billion, which reflects that more leveraged traders are gearing up for that bigger move.

Meanwhile, the OI-weighted funding rate stands at 0.0122%, indicating a slight bullish bias in perpetual futures markets. This relatively low rate reflects healthy market positioning, with leverage not yet at extreme levels, reducing the risk of immediate liquidation cascades.

Also Read: Solana (SOL) Rally Strengthens as Technicals Point to $295 Target