The latest divergence of SOL signals a change in price action.

Solana (SOL) has recently been witnessing increasing short-term bullish sentiment. As evidenced by (OI) open contracts, it rose to $7.72 billion on May 28. In fact, this number appears to be approaching the $8.57 billion mark as it was in mid-January — the time when the SOL price set a new all-time high of $261.

Source: CoinglassThe bullish trend of OI has been occurring since March, and the price of SOL has also been following the recovery trend since that time. However, despite rising from 106 to 182 dollars, this altcoin has still not been able to surpass the 180 dollar level – a resistance level that has been present since the beginning of March.

Source: CoinglassFunding rate (funding fee) has been negative over the past few days, but at the time of writing has turned positive. At the same time, the $152 level – which was a short term resistance 10 days ago – is now acting as support.

The bulls are trying to push the price of SOL to recover from here and their chances seem quite positive at the time of writing.

Bullish SOL prepares to recover recent losses

SOL price chart | Source: TradingViewOn the 4-hour chart, the level of 152 dollars has been defended. The MFI indicator (money flow) is making higher lows while the price is making lower lows, indicating a bullish divergence. This divergence has helped the price of Solana rise 3.7% within 8 hours.

The sustainable momentum of this altcoin will depend on Bitcoin. The OBV indicator (The balance volume) has returned to the low level in May. Although it shows some selling pressure in the past week, it also reflects that the selling volume is not too large.

SOL is trading around the peak at the end of April, but OBV has not yet dropped to that level. Combined with bullish divergence and futures data, it seems that the change in market sentiment will drive the price towards the $180 mark.

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