Solana Price Forecast: Increased Buying Activity Doubles — Is SOL Set to Surpass $100?

Solana’s price has recently experienced a 5% increase within 24 hours, and the supporting on-chain data is significant.

This rebound is not merely a fluctuation in price. The 20-period and 50-period EMAs have crossed in a bullish manner on the 8-hour chart, mirroring the setup that initiated a 12% surge when it occurred around March 4.

Since the EMAs started converging this time, SOL has already risen by 7.45%, indicating that buyers responded quickly to the signal.

The Smart Money Index, which monitors the actions of seasoned market participants, has risen and expanded from its signal line, suggesting that more experienced investors are entering the market.

Short-term holders, the most speculative group, reduced their share of the circulating supply from approximately 9% on March 7 to about 7.31% by March 12, indicating that traders are exiting while committed buyers remain.

Importantly, mid-to-long-term holders accumulated around 396,520 SOL on March 10. By March 12, this figure had increased to 819,634 SOL, reflecting a more than 100% rise in accumulation over 48 hours.

Source: Glassnode

However, the situation is not entirely straightforward. Although the price has been on an upward trend since March 1, the Smart Money Index has actually decreased during the same timeframe, creating a bearish divergence that has historically indicated potential slowdowns or reversals.

Additionally, the rebounds are occurring within a developing head-and-shoulders pattern on the 8-hour chart. The 1-year to 2-year holder group began reducing their exposure around March 4 when the head formed, decreasing from 16.27% to 15.83% of the circulating supply. While this is a small change, it carries a significant implication.

The next few candles could determine the outcome.

Solana Price Prediction: Is The Bearish Phase Over?

SOL is currently at a technical juncture with two distinct scenarios unfolding from this point. The initial resistance level is at $91. A clear 8-hour close above this threshold would weaken the bearish structure and sustain the bullish outlook.

A breakout above $94 would completely negate the head-and-shoulders pattern and pave the way for a potential rise towards $100 and beyond.

Source: SOLUSD / TradingView

On the downside, falling below $87 brings $85, $84, and $82 into play, where buyers have previously intervened. The critical level, however, is $77, the neckline of the head-and-shoulders pattern.

If this level is breached, the pattern activates, and the projected move indicates a 13% decline towards the $67 to $68 range. SOL must maintain its structure and surpass $94 to validate that this accumulation surge has significance.

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Initial figures indicate that the enthusiasm is resonating, with $4.6M raised in the presale already. $MAXI is priced at $0.0002808 and is transparent about its identity.

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For those looking to hedge against Solana’s short-term volatility, this early-entry opportunity presents a unique risk-reward profile compared to established altcoins.

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