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▲ Solana (SOL)/AI generated image ©
Solana (SOL) is strengthening its signal for an upward reversal, nearing a breakthrough of its 50-day exponential moving average.
According to investment media FXStreet on April 23 (local time), Solana has risen more than 3% this week and is testing the key resistance level around $87. If this level is decisively breached, a short-term upward trend is likely to begin in earnest.
On-chain and derivatives data also support positive signals. According to CryptoQuant data, large whale orders are being detected in the spot market, and market overheating is showing signs of easing. In the futures market, buying pressure is dominant, maintaining an upward pressure structure.
Along with open interest, the funding rate has also turned upward. Solana's funding rate has risen to 0.0016%, changing the structure where long positions pay costs to short positions. Analysis suggests that such trends have often led to price surges in the past.
The technical trend is still in the pre-breakout stage, but the direction is leaning upwards. The Relative Strength Index (RSI) is above the 50-line, maintaining upward momentum, and the Moving Average Convergence Divergence (MACD) also shows a slight positive trend, continuing to signal buying dominance. The current price is around $86.13, remaining below the 50-day, 100-day, and 200-day EMAs, but a gradual upward structure appears to be forming.
On the upside, the Fibonacci 23.6% level at $86.67 and the 50-day EMA at $87.08 act as initial resistance. If breached, the price could open up to the channel top at $92.11, the 100-day EMA at $96.65, and further to the $98.53 level. Conversely, if the support level of $77.12 breaks down, there is a possibility of a decline to $67.50, indicating that it has entered a short-term directional decision zone.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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