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.
Source: X
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.
Source: CoinGlass
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.
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