Solana ($SOL) is witnessing a significant bullish sentiment in futures trades, as the latest market data reveals. As per the popular crypto analyst Ali, a staggering 71.4% of the $SOL futures traders are reportedly opening long positions on the prominent crypto exchange Binance. The cryptocurrency analyst disclosed this rising market sentiment in a recent social media post.
71.4% of Solana Futures Traders Open Long Positions on Binance
Ali’s analytics point out that the 71.4% of the traders in the Solana ($SOL) futures market are going long, highlighting the growing optimism. The data also points out that the Long/Short Ratio currently stands at nearly 2.5, signifying a decisive bullish shift. This indicates that there are up to 2.5 active long positions for each short position. Apart from that, up to 28.6% of the cumulative accounts are keeping short positions. This percentage is considerably lower than 71.4% accounts holding 71.4%.
Apart from that, a gradual spike has taken place in the ratio of long and short positions. This has especially occurred after a recent decline. The respective recovery denotes a resurgence in confidence concerning the potential price uptake. The broader trend has resulted from the steady supremacy of long positions in the market. This bullish status could be impacted by several factors. They include a wider altcoin momentum, anticipation of overall favorable macroeconomic events, or Solana network’s positive development activity.
More Long Positions Underscore Increasing Confidence in Solana’s Short-Term Potential
According to Ali, the ongoing move toward long positions in Solana ($SOL) futures market could also lead to heighteend volatility. Hence, when majority of positions are on one trade side, they could lead to liquidation cascades if the market swings unfavorably. However, $SOL futures traders on Binance are expressing considerable confidence in the short-term price potential.
