Solana has seen a significant decline in value, dropping 20% since January. However, a resurgence might be on the horizon as the cryptocurrency experiences its first major spot inflow in February, hinting at renewed investor interest and optimism.
The inflow, as reported by Coinglass, amounted to $16 million, suggesting investor confidence and a potential shift in market sentiment. This indicates a rising demand for Solana, as buyers show willingness to purchase at current market prices.
Solana's Balance of Power (BoP) currently shows positive momentum, suggesting that buyers have control over the market, pointing to potential price growth.
Technical analysis shows Solana testing a crucial support level in its price chart, part of an ascending parallel channel. Holding this support is essential for maintaining bullish momentum and could trigger further buying to reach $258.66. However, slipping below this support might lead to a decline to $113.88.
Źródło: beincrypto.com ↗