Solana flashes buy signal, but key resistance levels keep recovery in check
Crypto trading volumes have been declining since July 2024, hitting their lowest two-year average, indicating weak demand and low market confidence. This thin liquidity can lead to sharp price moves. Against this backdrop, analyst Ali Martinez notes that Solana (SOL) has flashed a bullish buy signal on the 3-day chart using the SuperTrend indicator, with key levels to watch at $96 and $121. Furthermore, long-term holder data shows consistent accumulation throughout 2026.
However, SOL's broader price structure remains bearish, having broken previous swing lows. Key resistance levels from Fibonacci analysis are at $83.79 and $90.22, with the $116 realized price level posing a major overhead supply hurdle. Recent large on-chain token movements, such as a $15.14 million transfer from Alameda Research, have also contributed to selling pressure and liquidations. In summary, while recent signals and holder activity offer a bullish near-term case, significant resistance levels and weak market-wide capital flows continue to challenge a sustained SOL recovery.
ambcrypto07/15 18:07