Solana Nears $180 With Bullish Momentum Building
Key Takeaways
- Solana (SOL) is once again approaching the resistance level at 180 USD.
- Technical indicators show bullish signals, but profit-taking could create short-term pressure.
- The Spent Output Profit Ratio (SOPR) stands at 1.16 – a historically critical level for pullbacks.
- On-chain data shows no strong accumulation by large investors (whales).
- A pullback to 150–160 USD could present attractive entry opportunities.
Solana on the Rise – But Resistance Remains Stubborn
Solana has shown strong upward momentum in recent days. The price climbed to nearly 178 USD and is once again facing resistance at 180 USD. This level has proven difficult to break since mid-February. Despite the positive momentum, caution is advised: past price movements show that profit-taking often occurs in this zone.
Technical Analysis: Bullish Structure with Caution
The daily chart reveals a clear uptrend. Solana broke through the previous low at 143 USD, confirming a bullish market structure. The Awesome Oscillator, an indicator of market strength, continues to signal upward momentum. The On-Balance Volume (OBV), which relates trading volume to price movements, is also steadily rising – a sign of ongoing buying interest.
SOPR Indicates Possible Correction
The Spent Output Profit Ratio (SOPR) currently stands at 1.16. This value indicates that many investors are selling their SOL tokens at a profit. Historically, SOPR values between 1.06 and 1.1 have often led to price corrections over the past six months. A SOPR above 1.1 therefore increases the likelihood of a short-term downward movement.
On-Chain Data: No Strong Whale Activity
The distribution of SOL holdings shows that large investors with over 100,000 SOL are not currently accumulating significantly. While there was notable accumulation following the price increase from 20 to 160 USD between November 2023 and March 2024, inflows into this wallet category have since stagnated. However, this does not necessarily signal the end of the uptrend – rather, it may suggest that the next move will not be driven by whales.
TVL and Network Data Point to Long-Term Potential
The Total Value Locked (TVL), or the total value of assets locked in Solana protocols, has returned to February levels – despite the price being about 40% lower. This indicates continued confidence in the Solana ecosystem. At the same time, the Network Value to Transactions (NVT) ratio suggests a potential overvaluation. A high NVT means the market value is high relative to the actual network usage.
Strategy: Use Pullbacks as Entry Points
Those looking to invest in Solana should consider waiting for potential pullbacks to the 150 to 160 USD range. This area could offer a favourable entry point – provided the OBV remains stable. A sustained breakout above 180 USD would be a strong signal for a continuation of the upward trend.
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Our Assessment
Solana currently shows a healthy mix of technical strength and fundamental support. However, short-term risks from profit-taking should not be underestimated. A pullback would not be unusual and could present an opportunity to buy more. In the long term, Solana remains an interesting project due to its active developer community and growing use in the DeFi space.
Sources
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