▲ Solana (SOL)

Solana (SOL) has rebounded დაახლოებით 5% over the past 24 hours, fueling optimism in the market. However, overlapping bearish chart patterns and negative on-chain signals are creating a precarious balance between further gains and a potential sharp decline. Despite short-term buying momentum, signs of long-term holders exiting their positions have drawn attention to whether this rebound marks the beginning of a trend reversal or merely a temporary pullback before a larger drop.

According to cryptocurrency media outlet BeInCrypto on March 13 (local time), Solana formed a golden cross of the 20-day and 50-day exponential moving averages on the 8-hour chart and is attempting to break through the $91 resistance level. In the past, when the same indicator appeared, the price recorded a rally of about 12%, suggesting a rapid improvement in supply and demand dynamics led mainly by retail investors.

On-chain indicators suggest that mid-term investors are strengthening their accumulation. Investors holding assets for more than 155 days increased their holdings from approximately 396,520 SOL on March 10 to about 819,634 SOL on March 12, marking a surge of over 100%. Meanwhile, the supply share of short-term holders with less than one month of holdings declined from 9% to 7.31%, easing immediate selling pressure in the market.

However, warning signs are emerging as some indicators diverge from the price increase. The smart money index is trending downward even as prices rise, displaying a typical bearish divergence. Solana is also in the process of forming a classic head-and-shoulders pattern on the chart, a well-known bearish reversal formation, raising the risk of weakening upward momentum.

Notably, long-term investors who have held assets for between one and two years recently reduced their holdings from 16.27% to 15.83%, signaling profit-taking activity. The reduction by these experienced investors indicates that long-term market confidence may be wavering.

Solana currently stands at a critical juncture between the $91 resistance and the $77 support level, which will determine its upcoming trend. If it surpasses $91 and establishes support at $94, it could invalidate the bearish pattern and gain fresh upward momentum. However, if the $77 level breaks down, there is a possibility of an additional sharp decline toward $67.

Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on this information. The content should be interpreted solely for informational purposes.

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