Solana – How traders betting on SOL’s price to rally could push it to $315 – BitRss

• Recent data indicated an uptick in long positions on SOL, alongside a hike in traders’ confidence
• Its latest pullback appeared to be part of a natural consolidation cycle, positioning SOL for a possible breakout on the charts

Over the last 24 hours, Solana [SOL] fell 3.72% on the charts, reducing its weekly gains to just 0.99%. Over the past month, the asset has noted an uptick of 11.96%, even though it has struggled to achieve sustained growth.

According to AMBCrypto’s analysis, there may be several factors driving SOL’s potential recovery, with the asset possibly well-positioned for further gains in the near term.

More traders bet on SOL rallying

A recent report from Santiment revealed that 83% of SOL traders are bullish, placing long bets on the asset. This figure places SOL in the 98th percentile, indicating overwhelming confidence in its potential for gains.

When a significant majority of traders remain bullish, it is often a sign of strong market commitment, even amid price fluctuations. This behavior suggests a willingness to hold the asset despite volatility, likely fueling…