Will Solana’s Price Rally Hit $284 or Is a Dip Coming? Spoiler: It’s Complicated

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So, Solana’s price is basically partying like it’s 1999, with a 30% monthly increase. Today, it’s sitting pretty at $242, and some are whispering sweet nothings about a possible rally to $284. That sounds fun, right? Well, maybe…

But hold on a second. The charts and on-chain data are like that one friend who keeps reminding you that “It’s not all sunshine and rainbows” – hinting that this might not be a straight shot to the moon. Expect a little hiccup before Solana decides to keep climbing.

Is Solana Overheating? Or Just Taking a Breather? You Decide!

One reason we might see a pause (because who doesn’t love a good pause?) is Solana’s MVRV Z-Score, which is basically a fancy way of saying, “Hey, maybe you’re overpaying for this crypto.”

The score recently spiked to 1.34 – its highest in six months – and let’s just say the last time that happened, things got messy. Think July and August, when Solana did its best impression of a rollercoaster and corrected itself by double digits.

  • July 22: MVRV hit 1.03 when SOL was $205. Then it nosedived to $158. Ouch – that’s a 23% drop.
  • August 13: MVRV peaked at 0.92 when SOL was $201. The price slid to $176. Classic 12% dip move.

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This spike in the MVRV Z-Score might be a little concerning. But here’s the twist: things are *slightly* different this time around.

In previous dips, tokens flooded exchanges like people running for the last bus. Translation: selling pressure galore. But, oh no, not now. Since September 10, exchange balances have been in the red. Yes, you read that right – people are *hoarding* Solana off exchanges. So, this could be accumulation, not panic selling. Let’s all cross our fingers and hope that means a soft landing instead of a crash.

Bearish Pattern? Or Just a Temporary Pit Stop on the Way to $284?

Now, the charts are throwing us another curveball. On the 4-hour chart, we see a bearish divergence. Translation? Price is climbing while the RSI (Relative Strength Index) is basically taking a nap and making lower highs. When this happens on higher timeframes, it’s like a big red flag saying, “Get ready for a reversal.” But on shorter charts? It’s more of a sign that we might get a little dip.

The key levels to watch are $239 and $237. If Solana slips below these, we might be looking at some deeper dips – $230 or even $224. But don’t panic just yet. The larger rally is still very much alive, and the breakout we were tracking earlier? Still on.

If the price stays above $237, the path to $284 is very much intact. That’s a sweet 17% increase, folks! But if Solana falls below $199, well, we might need to rethink our life choices.

So, is a dip imminent? Maybe. But it could also just be a pit stop before Solana rockets towards $284. Either way, buckle up – it’s going to be an interesting ride.

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2025-09-15 14:43