There is increased optimism and uncertainty within the cryptocurrency market. As macroeconomic concerns and geopolitical tension still abound, where the markets can be headed in May appears still up in the air. Yet, as Solana nears $150, SOL investors appear to be anticipating a bullish rally incoming.
The cryptocurrency jumped on Wednesday as investors appeared hopeful ahead of a critical Federal Open Market Committee (FOMC) meeting. Moreover, long positions have seen interest grow, with traders eyeing something big in the near term for the digital asset.
Also Read: SOL Strategies Purchases 122,524 Solana (SOL) worth $20 Million
Solana Has Sights Set on Incoming Jump as Traders Get Bullish
Solana entered the year as a high-potential cryptocurrency. Indeed, the market had expected big things, with it potentially being the next token in line for its own SOL ETF. Specifically, experts had projected the asset would see the investment vehicle approved by the fall months.
Yet, it has not been able to live up to those expectations as of yet. However, that could be changing. Solana is fast approaching the $150 mark as SOL investors appear to be betting big on an impending rally. On Wednesday, it jumped more than 3%, breaking through the $146 level, according to CoinMarketCap.
Also Read: Solana SOL Up 15% in One Week: Where’s SOL Going Next?
That increase continues the token’s 37% jump over the last 30 days. Additionally, Solana futures traders have shown their belief by increasing their long positions. This is seeing them bet big on an impending rally, with the Coinglass long/short ratio at a monthly high of 1.04, showing where sentiment stands now.
Currently, Solana’s relative strength index (RSI) sits at 57.773. That shows SOL is sitting on significant momentum that could propel the asset higher. Indeed, the data displays room for a price increase before the asset ventures into the overbought territory. If progress is made on the aforementioned ETF, or the Federal Reserve opts to cut interest rates, things could get even more exciting.