Solana continues to trade in a narrow price range in recent days. Solana, which has an important place in the cryptocurrency market, is known for offering speed and low-cost transactions. In the recent squeeze, support stands out at $78, while the resistance level is concentrated at $85. The increasing frequency of buying and selling pressure at these levels is considered as a harbinger of a harsh movement in the near term.
Technical view: Decision phase in the support and resistance range
Looking at price movements, the $85 level stands out as strong resistance in the short term. In recent attempts, it was not possible to exceed this region and the price was rejected from this point. The $78 to $80 range continues to act as the main support on which the price holds despite downward pressures.
According to current data, Solana’s value is at $81.64 and has increased by approximately 2.6 percent in the last 24 hours. If the price falls below $78, it seems possible that the technical structure will weaken and there is a risk of a new decline towards the $67 limit. In the opposite scenario, if the price maintains support and an upward break occurs, the first target is $85; If this is exceeded, the $90 to $95 range may come into question.
During this period, maintaining the current price range shows the indecision of the market. Prices are expected to move between these two major levels unless a clear direction is taken.
On-chain data and market appetite
Looking at the latest on-chain data, it seems that positions in the market are giving mixed signals. In particular, a large unidentified investor staked approximately $114 million worth of SOL balance, and with this move, a significant amount was withdrawn from circulation, which turned out to be a positive sign about the long-term prospects of the market.
However, despite the positive signals, current data shows that approximately $110 million in SOL has been transferred to the stock exchanges in recent days. This is generally considered selling pressure and indicates that some investors are preparing to reduce their positions.
The data shared by Ali Charts emphasizes that large investors have recently transferred a large amount of SOL to the stock markets and this may create sales pressure in the short term.
While some market participants act with the expectation of an increase in the long term, some may prefer to make profits at these levels. It is stated that there may be sharp movements in prices during this period when instability continues.
Sign of recovery in momentum
On the technical indicators side, leading momentum signals have begun to point to the potential for upward movement. According to evaluations by DrBullZeus, this type of signal mostly increases short-term bullish sentiment as the 12-hour MACD indicator approaches a bullish crossover point.
DrBullZeus points out that a possible positive crossover in the MACD indicator could pave the way for the price to retest the $85 resistance in the first stage.
If this intersection is confirmed, the upward momentum in the Solana price can be expected to gain strength and exceed the resistance level. However, if a rapid breakout is not seen, it seems likely that prices will continue to move in a tight range.
