Solana Bulls Eye $83 as Smart Money Interest Surges
Solana's price broke out of its month-long downtrend after surging above $75 last weekend, but the rally stalled near $78. The breakout was a positive sign for bulls, who still have a chance to push further if they defend a key support level.
The $72-$74 zone has historically acted as a pivotal area for pullbacks, and if Solana's price stops there again with strong spot demand, it could become the mid-term support zone. In that case, the altcoin might retarget the $83 level, which also acts as the 200-day Moving Average.
However, breaking below the crucial $72 demand zone would invalidate the bullish outlook and increase the risk of further downside. Currently, smart money interest in Solana has surged by 42%, with top addresses increasing bids by 15%. This suggests that major whales and institutional players are bullish on the altcoin.