Despite the challenging market conditions, Solana (SOL) continues to be a stage for investors' accumulation. This situation is seen as an indicator of strong investor confidence and recovery potential.
The Network Value to Transaction Ratio (NVT) is trending downwards; this indicates that the trading volume on the network is balanced with market value, suggesting that a price increase could be on the horizon.
Currently, Solana's price is holding around $146. If it falls below the critical support level of $144, there is a risk of the price declining to $136. Such a situation could weaken bullish expectations.
Despite the volatile market conditions in recent weeks, Solana's price struggles to break through resistance points. The upward movements in June were frequently hindered due to the overall weak market atmosphere. However, Solana investors hesitated to sell, which became a strong indicator of confidence.
Solana Investors Continue to Accumulate
In terms of market sentiment, Solana investors are still positive. The net position changes on cryptocurrency exchanges show that most investors continue to accumulate. There has only been one period in the last three months where accumulation exceeded sales.
This situation indicates that investors prefer to hold onto their positions rather than closing them, and that confidence in Solana's long-term potential continues. A recovery of SOL seems possible when market conditions improve.
Macro Outlook and NVT Ratio
The macro momentum for Solana is giving positive signals. The declining NVT ratio indicates that the network value is in line with trading volume and that the asset is not overvalued.
This decline in the NVT ratio could help reduce the pressure on prices and initiate a potential upward trend.
Critical Support and Resistance Levels
Currently, the price of Solana is around $146 and it manages to stay above the critical support level of $144. This support point has prevented a sharp decline in the past month and allows SOL to show recovery signals despite market difficulties.
If SOL bounces strongly from the $144 support, it could move towards the $152 resistance, and then have the potential to rise to $161.
However, if the upward momentum weakens and selling pressure increases, the $144 level may be broken. In this case, the price could drop to $136, and the current positive outlook may become invalid.
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