Fidelity "Solana, consolidating its base and preparing for a storming rise"

▲ Solana (SOL)

Solana (SOL) is attracting market attention by showing strong rebound signals in its Net Unrealized Profit/Loss (NUPL) technical indicator.

According to a report by virtual asset media BeInCrypto on April 29 (local time), asset management firm Fidelity stated in a recent report that Solana's NUPL figure reached 51.6. This trend is similar to patterns observed in the past just before Solana's price consolidated a bottom and began a full-fledged bullish rally. A Fidelity official analyzed that Solana's current on-chain data suggests a strengthening tendency for investors to hold assets.

Solana's price has maintained a relatively robust trend amid the recent overall market correction, securing rebound momentum. A NUPL indicator above 50 means that the majority of market participants have entered a profit zone, which acts as a psychological support level to stimulate additional buying interest. Analysts predict that if Solana breaks through key resistance levels, it will enter a new bull cycle beyond a technical rebound.

Institutional investors' interest is also shifting towards Solana. Fidelity assessed that Solana network's efficiency and low costs are accelerating institutions' adoption of decentralized financial services. In particular, the continuous increase in staking volume, which regulates market liquidity supply, is a factor that enhances price rigidity. The activation of utility apps within the Solana ecosystem is also cited as a key reason supporting the coin's value.

Market participants are paying attention to whether Solana can replicate past bullish trends based on its NUPL figure of 51.6. With both technical indicators and fundamental analysis sending positive signals, expectations are growing that Solana, in conjunction with Bitcoin (BTC)'s price movement, will lead the altcoin market's rebound.

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