Whale and derivative data exploded simultaneously... Solana's 'eve of surge' signal

▲ Solana (SOL)/AI generated image ©

Solana (SOL) is strengthening its signal for an upward trend reversal as it approaches a breakthrough of the 50-day exponential moving average.

According to investment media FXStreet on April 23 (local time), Solana has risen more than 3% this week, testing the key resistance level around $87. If this level is decisively broken, a short-term upward trend is likely to begin in earnest.

On-chain and derivatives data also support positive signals. According to CryptoQuant data, large whale orders are being detected in the spot market, and market overheating is showing signs of easing. In the futures market, buying pressure dominates, maintaining an upward pressure structure.

Along with open interest, the funding rate has also turned upward. Solana's funding rate has risen to 0.0016%, changing to a structure where long positions pay costs to short positions. Analysis shows that such trends have often led to price surges in the past.

The technical trend is still in the pre-breakthrough stage, but the direction is leaning upwards. The Relative Strength Index is above the 50-line, maintaining upward momentum, and the Moving Average Convergence Divergence (MACD) index also shows a slightly positive trend, continuing to signal buying dominance. The current price is around $86.13, remaining below the 50-day, 100-day, and 200-day EMAs, but a gradual upward structure is forming.

On the upside, the Fibonacci 23.6% level at $86.67 and the 50-day EMA at $87.08 act as initial resistance. If broken, the channel top at $92.11, the 100-day EMA at $96.65, and then the $98.53 level could open up. Conversely, if the support level at $77.12 breaks down, there's a possibility of a decline to $67.50, indicating that it has entered a short-term direction-determining phase.

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