- Solana’s value surged by 6% on Friday, outperforming Bitcoin (BTC), Ethereum Classic (ETC), and XRP.
- The recovery of SOL defies the negative sentiment created by upcoming token unlocks and FTX’s nearing payouts.
- PayPal, the global leader in peer-to-peer payments, has officially added support for Chainlink and Solana tokens in its crypto services.
- On Friday, Solana bulls took short-term control, accumulating $545 million in long leverage compared to $328 million in shorts.
The price of Solana increased by 6% on Friday, fueled by several factors, including PayPal’s integration, robust U.S. job data, and China’s retaliatory tariffs on American imports.
Solana Hits a Local Bottom at $120 as PayPal Embraces Chainlink and SOL for Transactions
Solana’s price jumped by 6% on Friday, outpacing major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and XRP.
This remarkable rebound comes amidst concerns about upcoming token unlocks and the potential ramifications of FTX’s impending payouts.
Solana’s price action on April 4
The overall market sentiment received a boost after PayPal, a prominent global payment platform, officially announced its support for Chainlink (LINK) and Solana (SOL).
Since the announcement on Friday, SOL’s price has risen from the weekly low of $112, reclaiming the $123 mark at the time of writing.
Solana Price Outlook: $130 Resistance Poses Significant Challenges
Supporting the bullish narrative for Solana, the Coinglass liquidation map indicates that Solana bullish traders have utilized over $545 million in leverage over the past week.
Significantly, long positions now exceed the total active shorts of $328 million by almost 40%.
Solana Exchange Liquidation Map
This suggests that despite initial apprehensions surrounding FTX payouts related to tokens on the Solana network, speculative traders are betting significantly on the likelihood that a renewed interest in alternative assets—following China’s tariffs affecting U.S. stock markets—could push SOL’s price higher in the upcoming sessions.
Currently trading around $123, Solana appears ready for a continuation of the recent 6% rebound from Friday.
Digging deeper into the Coinglass liquidation map indicates a substantial cluster of $221 million in active shorts around the $129 level.
Thus, bullish traders should remain cautious for potential pullback triggers as SOL approaches the $130 mark.
A breakout above this critical resistance level could initiate a short-squeeze liquidation, potentially driving prices further up toward $150.
Conversely, the $110 level, supported by $348 million in active long leverage, remains a significant support level that bears need to breach to undermine the current bullish momentum.