Solana Price Drops 3% but Longs Keep Piling In: 17 Million SOL Explain Why
BeInCrypto
Despite a recent 3% price drop, traders are heavily betting on a Solana price recovery, supported by a strong on-chain supply wall.Summary
Solana (SOL) has experienced a 3% decline, yet traders continue to accumulate long positions, with a 2.4x ratio favoring longs over shorts. This optimism is fueled by an inverse head and shoulders pattern on the 12-hour chart and an on-chain supply wall where 17.5 million SOL were accumulated, acting as a crucial support zone. If the price sustains its current level, bullish momentum could target $98, though falling below $78 risks triggering significant liquidations.
(Source：BeInCrypto)