Solana Price Sees Significant Gain Amid US-Iran Peace Talks

The Solana price has experienced a significant increase due to the ongoing US-Iran peace talks, reaching $85.51 with a gain of 4.07% in the last 24 hours. This surge has sparked interest among traders and investors, with some analysts predicting that SOL could hit $90 and rise higher.

However, despite this optimism, the market remains in a downtrend, and technical analysis suggests that Solana should sustain above $77 to avoid a steeper correction. The ETF accumulation of Solana has also been increasing, reaching near $1 billion, indicating institutional strength in the cryptocurrency.

Further analysis reveals that Open Interest has risen by 8.31% to $5.15 billion, suggesting new long positions are being built by traders. Additionally, the OI-weighted funding rate stands at +0.0078%, and the long/short ratio is above 1, confirming a bullish bias among top traders on Binance.