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Solana surged above the $90 level, a threshold that has acted as resistance for months, triggering what traders described as a short squeeze. The move coincided with a sharp rise in activity, with trading volumes climbing to nearly $5 billion—about 9% of SOL’s circulating market cap.
While volume alone does not fully explain the move, liquidation data points to aggressive positioning being unwound. CoinGlass data cited in the article shows that more than $21 million in SOL short positions were liquidated over the past 24 hours. Solana was also up about 4.5% on the day, with the article noting that the move appeared relatively isolated from broader market performance.
As a result, short liquidations for SOL surpassed those for Bitcoin, which were reported at $16 million. The article described this as a rare occurrence and said it reinforces the significance of the $90 level.
Exchange-traded funds tied to Solana recorded a strong week, with four consecutive days of net inflows. May 6 was highlighted as a key session, when the funds pulled in $21 million—reported as the highest single-day inflow for SOL ETFs since January 14.
The article suggested that stronger ETF demand could indicate renewed investor interest in major altcoins rather than only Bitcoin and Ethereum, and said it may reflect a shift in sentiment. It also pointed to ongoing uncertainty in macro conditions as the U.S. Federal Reserve moves through a leadership transition, with Kevin Warsh set to replace Jerome Powell.
In addition, the Crypto Fear and Greed Index was cited at 48, which the article characterized as “Neutral,” implying investors remain cautious.
The article also examined whether Solana’s broader ecosystem is showing signs of recovery by tracking decentralized exchange (DEX) volumes and transactions. It reported no meaningful improvement across DeFi so far, with DEX volumes continuing a downtrend.
According to the article, April marked the third consecutive month of declining DEX volumes, reflecting reduced investor engagement with DeFi solutions. It also said trading activity in the meme-coin segment has been declining.
Using the first eight days of May, the article estimated a run-rate forecast of $37.5 billion in DEX volumes for the month if the trend continues. That would represent an 11% decline versus April.
On the weekly chart, the article referenced a historical pattern tied to the Relative Strength Index (RSI). It noted that RSI dropped below 30 for the first time since December 2022, and said the last time this occurred Solana rallied from $9 to $200. The article cited an exceptional 2,122% return over 15 months, while adding that future gains may not match that magnitude.
It also said the RSI crossed above its 14-week moving average, which it described as the start of Solana’s prior rally. The article argued that the move above $90 could help push SOL out of a descending price channel toward the $110 area.
In that context, the $110 area was described as a key resistance zone because it aligns with the 200-week exponential moving average (EMA). The article further stated that if price rises above this level, the odds of a rally toward $200 would increase.
On the daily chart, the article said the break above $90 is pushing SOL out of a long-dated consolidation pattern and invalidating a bearish flag that had been forming for months. It identified $110 to $120 as the next resistance range, with the first level corresponding to the 200-day EMA and the second described as a former demand zone likely to be retested.
The article cited the daily RSI at 66, the highest level since January, and described it as bullish. It also referenced a potential cycle-bottom area near $78, though it did not provide additional supporting data beyond the mention of that level.
Despite the bullish momentum, the article cautioned that the price still needs to clear the prior high at $96, which it said could bring volatility and potentially a pullback toward $90. It also described an example trade setup with a stop around $84, framing it as a 4.7x risk-reward scenario if the entry were near $90.
Finally, the article reported that its system’s Solana signals have been accurate recently. It said a buy signal shared in early April has produced an 8% return so far and that another buy signal may be forming on the daily timeframe if the current green candle closes as expected.
On the 4-hour chart, the article said there have been four consecutive buy signals, with the most recent occurring after SOL broke above $90. It described the setup as high-conviction because volumes were rising toward and nearing the moving average. The 4-hour RSI was cited at 71, indicating strong bullish momentum, with the article noting that the rally could face resistance if the $96 “sell wall” holds.
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