• SOMI surged 36.64% in 24 hours, trading at $1.48 with $3.90B volume.
• Strong support holds near $1.40, while bulls target $1.80 breakout amid positive MACD.
• SOMI derivatives volume rose 58.11% to $4.56B, with open interest jumping 20.48% to $102.20M.

Somnia (SOMI) is now trading at $1.48 with strong momentum. Its 24-hour volume reached a figure of $3.90 billion. The market capitalization stood at a value of $237.47 million, representing a 0.01% share in the overall cryptocurrency market.

In the previous 24 hours, SOMI saw a massive 36.64% hike. The sharp rally places the coin among the strongest gainers. The rally indicates renewed action by investors on leading exchanges. The investors are closely monitoring the strength in momentum as Somnia sets itself up as a breakout potential in the market.

Strong Support Holds Near $1.40 Level

A crypto analyst mentioned positive indicators. SOMI is trading firmly above the 5, 10, and 20-hourly averages which verifies continuous buying demand. However, the Relative Strength Index shows a reading close to overbought levels. A brief recovery period may occur before another upward leg forms in the market.

The MACD remains positive, signaling continuous momentum. Support has built near $1.40, providing a strong base. Resistance stands close to $1.80, the next key zone for bulls. A breakout above it could push the price closer to the intra-day highs. Traders are waiting and watching in the coming sessions.

Bullish Technical Patterns Support SOMI’s Momentum

Somnia also has bullish signs on the Bollinger Bands. It trades well above the 20-period midline at $0.92, and the upper band lies at $1.16. The RSI settled from 74.86 to 66.95 on the recent move. Momentum is strongly positive but not overheating and shows smooth but steady up movement.

The MACD line continues above, confirming the bullish tendency. Somnia touched a day’s peak and low of $1.08 and $1.01, respectively. The stock continues in the higher trade band. It remains in the upper trading range. Analysts expect the next bullish target near $1.20. Falling below $0.92 midline support would weaken the technical setup.

Also Read | Somnia (SOMI) Targets $1.20 Amid Binance Listing and $1.5M Incentives

SOMI Derivatives Surge with Rising Open Interest

Markets in Somnia derivatives are becoming progressively rapid. The volume was up 58.11% to $4.56 billion. The open interest jumped 20.48% to $102.20 million. The increase shows that ever-increasing traders are going long. The liquidity continues to improve, and speculative interest in Somnia continues to deepen across exchanges, supporting the derivatives instruments.

Despite that growth, sentiment indicators record caution. The OI Weighted declined to 0.0862%. That shows bearish or hedge positions on the rally. Defensive patterns are dominant in the market sentiment. Despite Somnia derivatives amassing more activity, short positions point towards uncertainty on the sustainability of the recent rally.

Also Read | Somnia Price Prediction: SOMI Eyes $0.6152 Resistance After Strong Surge