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Solana has printed a general upward trend characterized by consolidation, with current lower resistance at $76.
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Supporting on-chain metrics include a reduction in SOL deposits to exchanges, net inflows to ETFs, and an increase in new SOL addresses.
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Should SOL hold above the lower resistance of $76 and the higher URPD baseline of $85, it could trigger a rebound to $93.
Solana (SOL) is at a critical point that could signal a buying opportunity, with a potential rise to $93.
As seen in the 4-hour chart below, SOL continues to consolidate in a rising channel, with the lower boundary set at $76. Maintaining prices above this level would signal a buying opportunity, with a potential rebound to $93.
Why the next target for Solana could be $93
According to Ali, several on-chain metrics support this theory:
In the past week, fewer SOL tokens have been deposited into exchanges for selling. The reduction in selling pressure has also set up a stronger macro price floor for SOL at around the $75 mark.
Additionally, as that week ended, spot SOL ETF flows turned positive, recording $948,200 for the week ending July 17.
Even more, the number of new Solana addresses has risen by 0.5 million since July 18, indicating increasing network activity.
Key levels to watch for
SOL faces a major volume barrier between the $76 and $85 mark on the UTXO Realized Price Distribution (URPD). Users traded about 125 million SOL in this region, making $85 the next ceiling to break through if SOL should target $100 and beyond.
Breaking below the $70 mark would turn the trend bearish, exposing the coin to a deeper correction near the next highly traded URPD baseline of $53.
Just recently, a hacker managed to drain $1.65 million from a Solana cross-chain bridge protocol. While highlighting the inherent security vulnerabilities in on-chain bridges, the event had little to no impact on SOL, with the coin gaining 2.2% in the past 24 hours to trade at $77.43 at press time.
