Solana’s Price Bounce: A Miracle or Just Another Crypto Tease?

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  • Increased on-chain activity and speculative trading? Sure, let’s call it “short-term bullish sentiment” and pretend we know what’s going on. 🙄
  • Higher timeframe outlook still bearish? Of course it is. $130-$145 is where dreams go to die. 💀

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Active addresses are up? Great. The 7-day Moving Average is smoothing out the chart? Fantastic. Maybe, just maybe, the downtrend is reversing. Or maybe it’s just a Tuesday. 🤷‍♂️

The 7-day MA for active addresses is already above early March highs when SOL was at $144. So, what does that mean? Absolutely nothing, but it sounds good, right? 📈

Open Interest (OI) is up by nearly $1.5 billion since April 8th. That’s a lot of speculative trading. Is it bullish? Maybe. Or maybe it’s just people throwing money at the wall to see what sticks. 💸

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The percentage of unique addresses in profit is down. Shocking, I know. Holders might use a price bounce to exit at break-even. So, this recent bounce might not be the reversal bulls are hoping for. Surprise, surprise. 🎭

The $120-$130 region has been strong support in 2024. But let’s not get too excited. The bearish trend is still alive and well. 🐻

The 3-day chart shows lower highs and lower lows since January. $143 is the recent lower high, and SOL isn’t close to breaching it. Traders can use a breakout beyond this level to flip their bias bullishly. Or they can just keep guessing. 🤔

Meanwhile, the $99 and $85 support levels are the next targets. So, unless something miraculous happens, the bearish structure remains. 🎯

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2025-04-13 16:09