Discover the latest updates on Solana (SOL) cryptocurrency price trends and the impact of long-term holders accumulating millions of tokens.
The cryptocurrency Solana (SOL) has faced a price decline recently and despite multiple efforts, it has not yet managed to recover its upward trend. Long-term holders have shown support by buying back over 1 million SOL tokens, equivalent to $128 million, in the past week. This accumulation is usually considered a bullish signal, indicating a strong foundation for breaking key resistances. Technical analysis shows signs of momentum improvement, with the Relative Strength Index (RSI) increasing. If SOL can surpass the $135 resistance level, it may target $148 and $161 before aiming for $180. However, failure to break key resistances could lead to price decline towards $126, $118, and even $109, challenging the bullish outlook.
