Solana network (SOL) has regained market attention in recent weeks with investors pouring in and a significant increase in cash flow. Over the past month, more than $120 million in cash has been transferred from rival blockchains to the Solana blockchain, indicating high user trust in this high-speed blockchain. This cash influx coincides with the rising prices of native Solana tokens, including meme coins like PAPKT that have shown considerable growth recently. Although Solana’s price trend remains bearish on the daily chart and the $143 level has not been breached yet, crossing the $120 support range is a positive sign for the short-term outlook. Additionally, the Relative Strength Index (RSI) crossing the neutral 50 level indicates further bullish momentum. The On-Balance Volume (OBV) indicator, reflecting buying pressure, has reached levels higher than March peaks in the past ten days and is now approaching January highs, clearly indicating an increase in demand for Solana. According to CoinGecko cash flow data, the $140 price range, due to order congestion, could be the primary short-term target for buyers, while higher levels like $150 to $160 have also been mentioned as subsequent targets. On the other hand, the $120 to $130 range acts as a key accumulation and support zone that may come to buyers’ aid in case of price correction.
