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Will SIMD-228 Demand Push Solana Past $125?
U.S. Core CPI is lower than predicted at 3.1% year-over-year, projected at 3.2%. Crypto markets are reacting favorably to lower-than-expected inflation, as Solana briefly exceeds $130.
Solana's $128 price suggests an optimistic comeback. Will this Solana turnaround raise prices to $170? Find out.
Solana Price Analysis
SOL prices fell to $112 on the daily chart. With a 6% price increase on March 11, Solana's bullish trend is gathering steam.
Solana has five straight red candles after a 1.94% intraday gain extended the bullish comeback. Solana may stage a V-shaped reversal to rebound from the S-1 pivot support level at $104.
Solana expects the 20-day EMA to rebound to $145 after the recovery.
Solana Profits from Ethereum in 24 Hours
Solana breaks Ethereum's 24-hour revenue record amid a short-term rebound and falling U.S. inflation. SolanaFloor reported $442,000 in 24-hour revenue for the network.
This is up significantly from Ethereum at $419,000. Maker's 24-hour revenue is $391,000.
SIMD-228 Proposal Nears Approval
In our prior piece, we addressed the SIMD-228 protocol proposal in Solana to decrease SOL inflation by roughly 80%. Since the proposition passed with 67.97% yes of yes+no votes, it exceeded 67%.
56% of stakeholder votes are yet to be cast. Voting lasts until Epoch 755.
Solana Derivatives Show Increased Interest
As Solana faces a crossroads, futures market open interest rose to $3.7 billion. The funding rate is negative at 0.0065%, indicating sellers' readiness to pay the premium and retain short positions.
A little increase in selling accounts has pushed the long-to-short ratio to 0.9767 in 24 hours. Short liquidations are $7.54 million and long liquidations $5.58 million, totaling $13.12 million.