Fidelity "Solana, Re-basing and Preparing for a Stormy Rise"

▲ Solana (SOL)

Solana (SOL) is attracting market attention by showing strong rebound signals in its Unrealized Net Profit/Loss (NUPL) technical indicator.

According to a report by the virtual asset specialized media BeInCrypto on April 29 (local time), asset management firm Fidelity stated in a recent report that Solana's NUPL figure has reached 51.6. This trend is similar to patterns observed in the past, just before Solana's price began a full-fledged bullish rally after establishing a bottom. A Fidelity representative analyzed that Solana's current on-chain data suggests a strengthening of investors' asset-holding tendencies.

Solana's price has maintained a relatively solid trend amidst the recent market-wide correction, securing rebound momentum. A NUPL indicator above 50 signifies that the majority of market participants have entered a profit zone, acting as a psychological support level that stimulates further buying interest. Analysts anticipate that if Solana breaks through key resistance levels, it will enter a new bull cycle beyond just a technical rebound.

Institutional investors' interest is also gravitating towards Solana. Fidelity assessed that Solana network's efficiency and low costs are accelerating institutional adoption of decentralized financial services. Notably, the continuous increase in staked volume, which regulates market liquidity supply, is a factor that enhances price downward rigidity. The activation of utility apps within the Solana ecosystem is also cited as a key fundamental supporting the coin's value.

Market participants are watching to see if Solana can replicate past bullish trends based on its NUPL figure of 51.6. With both technical indicators and fundamental analysis sending positive signals, and in conjunction with Bitcoin (BTC)'s price movement, expectations are growing that Solana will lead the altcoin market's rebound.

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