Solana Price Sentiment Faces Test Despite a 100% Jump in Buying Pressure
Solana's recent 5% price jump is supported by bullish EMAs and increased mid-term holder accumulation, but bearish divergences and long-term selling raise concerns.Summary
Solana's price recently climbed about 5%, fueled by a bullish crossover of the 20-period and 50-period EMAs on the 8-hour chart and a significant surge in accumulation by mid-to-long-term holders, whose buying increased by over 100% between March 10 and March 12.
However, on-chain data presents a mixed outlook. A bearish divergence exists because the Smart Money Index trended lower while the price rose, and the bounce is occurring within a developing head-and-shoulders pattern. Furthermore, investors holding Solana for one to two years have started reducing their supply, beginning around March 4 when the pattern's 'head' formed.
Solana is at a technical crossroads, needing to decisively break resistance levels at $91 and $94 to invalidate the bearish pattern. Failure to hold support near $87 could lead to a drop toward the critical neckline at $77, potentially triggering a 13% decline toward the $67–$68 range.
(Source：BeInCrypto)