Solana (SOL) has seen a 2% increase in its price over the last 24 hours, benefitting from positive market sentiment in anticipation of the upcoming FOMC meeting. The current trading price for the Layer-1 (L1) coin stands at $147.83.

Data from on-chain sources reveals a surge in demand for long positions, indicating a growing number of traders are anticipating a price uptrend.

Ahead of the FOMC meeting, Solana's futures market is showing strength, with a rise in trading activity contributing to the 2% uptick in SOL's price. This increase reflects increasing investor confidence as the market gears up for the FOMC event.

Futures traders for SOL have shown positivity by increasing their long positions. The long/short ratio for the coin, as reported by Coinglass, has reached a monthly high of 1.04, indicating a preference for long positions among futures traders for SOL.

The long/short ratio compares the number of bullish (long) positions to bearish (short) positions in the market. A ratio above one, like in the case of SOL, suggests a bullish sentiment, with more traders expecting the coin's value to rise.

Additionally, SOL's Relative Strength Index (RSI) on the daily chart is showing an uptrend, currently standing at 57.54. The RSI, ranging from 0 to 100, helps identify overbought and oversold market conditions, where values above 70 signal overbought conditions and values below 30 indicate oversold conditions.

At the time of writing, SOL is trading at $147.69, finding support at $142.59. If demand remains strong post-FOMC meeting, SOL could continue its upward movement towards $171.88, a level last seen on March 3.

Nevertheless, a resurgence in bearish pressure following the FOMC meeting might push SOL lower. In such a scenario, breaking below the $142.59 support level could lead to a deeper decline towards $120.81.