Solana Flashes First Buy Signal Since January: Analyst

Solana has flashed a buy signal for the first time since January, according to analyst Ali Martinez. This bullish setup suggests a potential relief rally for SOL, which has been stuck between $77 and $92 for six weeks. The SuperTrend indicator on Solana's daily chart flipped from Sell to Buy, pointing to a clear path toward the $100 psychological level.

The token's 22% jump from its March lows and brief touch of a one-month high of $97 earlier this week indicate growing demand. Martinez cited the UTXO Realized Price Distribution metric, which shows a demand floor between $82.60 and $85.55 where 76 million SOL tokens changed hands.

This accumulation phase has effectively exhausted sell-side liquidity, according to Martinez, who stresses that the ceiling above current prices is 'significantly thinner than the current floor.' If Solana holds structural support near $93, a rally could unfold 'much faster than people think.'