Key Points
- •Solana holders utilize technical patterns for potential $550 gain.
- •Leadership remains silent on the possible price increase.
- •Market shows cautious optimism amidst declining total value locked.
Solana (SOL) holders are accumulating following a crash, leveraging a technical ascending channel pattern indicating a potential price move beyond $550 if the $287 resistance breaks.
Such movements highlight growing long-term investor confidence, underscoring the role of technical analysis in cryptocurrency market forecasting.
The primary focus for Solana (SOL) holders is the opportunity presented by a post-crash technical ascending channel. This could potentially see prices move past $550 if the key resistance at $287 is broken.
Those involved in tracking Solana have noticed an accumulation move. Despite this, no official statements from Solana’s leadership or prominent KOLs confirm the price target.
Holders have generally reduced net selling by 46%, indicating increasing conviction. This could influence other cryptocurrencies, with ETH, BTC, BNB, and XRP noted as market benchmarks.
In the financial landscape, the post-crash activity is largely independent of new funding rounds or institutional capital, a notion confirmed by the absence of related announcements from leading exchanges.
“If Solana can break through that $287 resistance, a move towards $550 seems plausible given the current market dynamics.” – Arthur Hayes, Co-Founder, BitMEX
History indicates that past Solana rebounds from similar patterns resulted in multi-month rallies. However, reduced total value locked and active addresses pose risks.
The resistance level set at $287 remains pivotal. Meanwhile, key support levels stand at $190, with chart analyses noting that a close below undermines the bullish case.