Solana price has moved rapidly towards the $87-90 band in recent days, showing that buyers have regained control on the short-term charts. CryptoAppsy According to data, Solana price is at $ 86.97, gaining 2.32% in the last 24 hours. The lowest level in the trading range was $ 84.45, while the highest price during the day was up to $ 87.39. While these developments attract the attention of investors, the real question is whether this momentum is sustainable.
Is the Direction Changing as the Annual Decline Trend is Overtaken?
An important development stands out in technical analysis. Solana broke above the annual downward trend line that had been blocking rises for months. It is stated that if it can hold above this breakout, the rise may become stronger.
In the evaluation made by Rand Group, it was stated that the Solana price exceeded the downward trend that has been resistant throughout the year and this constitutes a possible early rise signal.
The next confirmation will come when the price settles above $90. If this level is exceeded, first $ 96 and then the $ 100-105 band can be targeted. However, if the price falls below the trend line again, the breakout may prove not to be permanent.
$90 Resistance and Short Liquidations
The price’s approach to $90 put pressure on short investors in the futures market. Over $17 million in short positions have been liquidated on Solana in the last 24 hours. This is because the price moved up while many investors were expecting a decline.
According to data shared by SolanaFloor, forced purchases by short investors were effective in accelerating the price to $90.
Liquidation of short positions can accelerate the rise, but for such movements to be permanent, there must also be demand in the spot market. It is emphasized that if $ 90 is not broken upwards, the price may test the $ 86-84 band again.
Analyst Comments and Chart View
Market analysts point out that Solana is trading within the critical breakout range. Analyst Ali Charts highlighted the $89-90 range and stated that if it is exceeded, a new rise could be paved for SOL. Another analyst named Crypto Melih also pointed out that hourly closes above the $ 89.50-90.75 region could start a new upward wave. Accordingly, the next targets will be $96.90 and above, respectively.
Currently, the price is pushing the important resistance level. After a clean break, the uptrend is expected to gain further strength.
Mixed Signals in On-Chain Data
Although price movements paint a positive picture, on-chain data contains a slight warning sign. According to Santiment Intelligence’s shares, Solana’s weekly active address count decreased from 5.01 million at the beginning of February to approximately 2.89 million recently. That is, despite the positive mood in the market, the transaction volume on the network has decreased.
Santiment Intelligence announced that there was a significant decrease in the number of transaction addresses of Solana, but the market sentiment turned more positive.
This view presents a double-sided picture. While fewer active addresses indicate a decrease in those transacting in the ecosystem; Rising market sentiment suggests investors are optimistic about the price.
Support and Resistance Map
Solana’s move in the coming period will depend on how long buyers can maintain their power in the market. In the short term, the $89-90 band stands out as the main resistance. Closes above here could trigger a move towards $96 and then the $100-105 range.
On the downside, the $84-85 levels remain important as the first support points. Losing this area may cause the price to retreat to the $78-80 range again. For now, the structure looks positive, but the rise cannot be said to be confirmed without a strong close above $90.
