Major cryptocurrency Solana is poised to test the key $115 resistance level in the near future, as bulls appear set to complete a short-term comeback. The 7th-largest cryptocurrency by market capitalization is trading around $93 at press time, even as it has experienced strong on-chain performance and daily user activity for much of the past 5 months. Better spot performance has been observed lately, giving the bulls some breathing room.
Popular crypto analyst going by the name of Ali Charts has tweeted out that the programmable cryptocurrency is experiencing strong demand below the $90 support level, allowing the bulls to engage in further adventurism towards the $100 support level.
The core of the analysis relies on Glassnode’s URPD (UTXO Realized Price Distribution) data. URPD visualizes the distribution of coins by the price at which they last moved on-chain—essentially showing where investors bought or accumulated SOL. Between $82.6 and $85.55, 76 million tokens changed hands, showing strong accumulation activity worth more than $6 billion.
Basically, sellers panicked and offloaded everything they had, leading to sharp market capitulation. Now, there are hardly any major selling activities at current price levels. We can expect that to change once the index moves past the $100 resistance.
According to Ali, there is little resistance on the path to $100 because of strong support levels lower in the price range. Overall, the cryptocurrency has completed a 38-day accumulation phase that has exhausted sellers, and buyers are now looking to make a move of their own. According to the analyst, the $100 “ceiling” is significantly thinner than the current floor levels below $90, and that is a plus point for the bulls, and it could shoot as high as $115 in the process.
 
Twitterati Respond
One X user was skeptical of the analyst’s use of the term “no resistance ahead.”
This has been proven true over the last 5-6 months, as whenever analysts have become overly confident about the bullish case, the downward forces strike back with ferocity.
However, another user agreed with the trade because of the strong support floor below $90, which led to billions of dollars in accumulation.
The bulls need to continue the momentum and move above $100 quickly enough. If the move sustains, $100 could indeed act as the next quick support level for the future price upticks.
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