Solana (SOL), one of the leading Layer-1 blockchain assets, has posted a modest but notable 2% gain in the past 24 hours, trading at $147.83 as of this writing. The rise comes as investor sentiment warms ahead of the highly anticipated Federal Open Market Committee (FOMC) meeting, with market participants preparing for potential policy cues that could impact risk assets, including cryptocurrencies.

Increased interest in long positions on Solana futures further highlights the growing bullish momentum around the asset. According to on-chain data from Coinglass, the long/short ratio for SOL has climbed to a monthly high of 1.04, reflecting a clear preference among traders to bet on price gains rather than declines.

This shift in market behavior signals more than just short-term optimism. In futures markets, the long/short ratio serves as a key indicator of trader sentiment. A reading above one, as seen with Solana, means more traders are opening long positions—or bets that the price will rise—than short ones. It suggests that investors are confident in Solana’s price potential, at least in the near term.

Adding to the bullish outlook is the altcoin’s Relative Strength Index (RSI), which now sits at 57.73. This metric, commonly used by technical analysts, tracks the strength and momentum of price movements. RSI readings above 70 typically indicate that an asset is overbought and could face a correction, while levels below 30 suggest oversold conditions. With SOL’s RSI still comfortably below the overbought zone, analysts believe there’s room for further upward movement before the rally begins to lose steam.

From a technical standpoint, Solana’s current price activity is centered around a key support level at $142.59. The asset has successfully bounced off this line multiple times, reinforcing its importance as a critical floor for price stability. As long as this support holds, bulls remain in control of the short-term trend.

However, much depends on the outcome of today’s FOMC meeting. As markets await signals from the U.S. Federal Reserve regarding interest rates and inflation policy, risk assets across the board—from tech stocks to cryptocurrencies—are on edge. Should the Fed deliver a dovish or neutral tone, it could fuel additional demand for crypto, pushing Solana toward its next key resistance level of $171.88, which it last touched on March 3.

But there’s a flip side. If the FOMC meeting takes a more hawkish tone—perhaps hinting at future rate hikes or a continued cautious approach—bearish pressure could re-emerge. In this scenario, SOL may fall below its $142.59 support, potentially dropping to $120.81, a level that previously served as a price floor in February.

Traders are positioning for both possibilities, but current indicators suggest optimism is slightly outweighing caution. The surge in long positions and stable support levels give Solana a cushion, while the rising RSI points to steady momentum.

This uptick in Solana’s performance also mirrors a broader sense of renewed confidence across the crypto market, albeit cautiously optimistic. Bitcoin and Ethereum have also seen mild gains, and the positive shift in sentiment could signal the start of a more bullish cycle—assuming macroeconomic factors remain supportive.

Meanwhile, within the Solana ecosystem, developers and investors remain focused on long-term growth. The network has continued to expand its decentralized finance (DeFi) offerings and non-fungible token (NFT) ecosystem, reinforcing its standing as a top-tier Ethereum alternative.

In conclusion, Solana’s current price movement reflects a market in anticipation mode. With a firm technical foundation and signs of growing bullish interest, the stage is set for a potential breakout—either to retest its March highs or retreat to lower support. As traders brace for post-FOMC volatility, Solana is one to watch closely.