Bullish Signs Emerging for Solana: Is the Breakout Finally Here?

Key Takeaways

• Solana lost nearly 70% from its September 2024 highs.
• Accumulation rectangle forming since mid-February with ceiling at $92.88.
• Short-term uptrend channel forming since April, testing $92.88 resistance.
• 50MA crossing above 100MA.
• Key resistance: $92.8, with 100MA at $97.34 above.
• Key support: $77, floor of the accumulation rectangle.
• ETF inflow data confirms institutional accumulation during the rectangle formation.

A Steep Downtrend, Then Silence

After reaching highs around $250 at the end of September 2024, Solana entered one of the most aggressive downtrends of this cycle. In December, the 50MA crossed below both the 100MA and the 200MA almost simultaneously, a classic death cross that formally confirmed the downtrend and signaled that sellers were firmly in control. From peak to trough, Solana lost approximately 70% of its value, dropping to the $77 lows seen in February.

Since ...