Solana price has climbed nearly 10% over the past month while trading inside a steady ascending channel since February 24. The structure remains technically bullish as the asset continues forming higher highs and higher lows. A bullish crossover between the 20-period and 50-period EMAs on the 12-hour chart signals improving momentum, with the 100-EMA the first level to watch for defense.
Currently, more than 26% of Solana addresses are in profit after the price touched around $104. In the following three days the price slid to about $78, a roughly 25% drop, making rising profitability the first bearish cue. The Hodler Net Position Change shows long-term holders added roughly 3,042,783 SOL around February 2, but current accumulation has fallen to about 1,527,770 SOL, a near 50% decline that weakens the floor under the rally. This diminished accumulation strengthens the second bearish cue, suggesting a weaker holder floor if profit-taking resumes.
A massive long leverage cluster on Binance’s SOLUSDT perpetual market now dwarfs shorts, with about $306 million in long leverage versus $75 million in short leverage. That creates a leverage imbalance of more than four to one toward the long side, raising liquidation risk if price turns lower. The key levels sit near $89, where a large share of long liquidations cluster; a break below could trigger a cascade toward the $80s, while a move above the $94–$98 area could open the path toward $110. Solana’s bullish channel remains intact as long as the price holds key supports.
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