Solana Price Forecast: Solana hits $200 amid Golden Cross, record high Open Interest

Solana (SOL) edges higher by nearly 2% at press time on Monday, hitting the $200 psychological mark as the altcoin season approaches. The bull run is backed by a record high Open Interest of over $11 billion. The technical outlook indicates further gains as Solana nears a critical psychological breakout amid a Golden Cross. 

SOL Open Interest hits record high, crosses $11 billion

Coinglass’ data shows Solana Open Interest (OI) at a new all-time high of $11.03 billion, up from $9.52 billion on Monday. An OI spike refers to greater capital inflows in the derivative market as traders gain confidence. It is also worth noting that the volume has surged to $34.62 billion, from $21.06 billion on Monday, indicating increased trading activity. 

SOL Open Interest. Source: Coinglass

Solana eyes further gains beyond $200 amid a Golden Cross

Solana ticks higher by nearly 2% so far on Tuesday, extending the 7% gains from Monday. The uptrend reaches its highest price in six months as it crosses above the 50% Fibonacci level at $195, drawn from the $295 peak on January 19 to the $95 low on April 7.

A decisive close above this level could extend the SOL rally towards the 61.8% Fibonacci level at $219. 

The 50-day and 200-day Exponential Moving Average (EMA) manifest a Golden Cross. Sidelined Investors could consider this a buy signal as the short-term rally outpaces the longer-term slowdown. 

The Relative Strength Index (RSI) reads 85 on the daily chart, suggesting overbought conditions in Solana as buying pressure increases. 

The Moving Average Convergence/Divergence (MACD) indicator displays a successive rise in green histogram bars, indicating increased bullish momentum. 

SOL/USDT daily price chart.

On the downside, if Solana fails to uphold a daily close above the 50% Fibonacci level at $195, it could extend the decline to the 200-day EMA at $160.