More than 50 million SOL changed hands around $73.75, turning that level into Solana's largest on-chain accumulation zone. Binance's top traders still lean long by a ratio of roughly 3.01, yet Solana's chart has retreated into a descending channel with the RSI at 43.19.
Buying activity around $73.75 transformed the level into Solana's largest on-chain accumulation zone, with more than 50 million SOL changing hands there. The activity distinguished that price from every other range, as no other zone attracted a comparable volume of accumulated tokens.
The scale of the buying reflected growing conviction among market participants despite recent price weakness. Instead of distributing tokens into strength, investors kept building positions around the same level. Concentrated accumulation of this kind often reflects a preference to hold rather than exit positions, reducing the supply circulating through the market.
Binance's top traders hold 75.05% long
Confidence among professional traders remained intact despite Solana's recent decline toward a critical price area. Binance's Top Trader Long/Short Ratio showed 75.05% of accounts holding long positions, while only 24.95% favored shorts, producing a ratio of roughly 3.01.
Those figures revealed that experienced participants continued expecting a SOL recovery instead of preparing for a prolonged decline. Nevertheless, crowded long positioning also carried additional risk, because any unexpected downside acceleration could encourage traders to reduce exposure more aggressively.
Solana retreats into a descending channel
While derivatives traders remained optimistic, Solana's chart reflected increasing caution. SOL gradually retreated into a descending channel after failing to sustain its earlier breakout above $82.56, placing renewed pressure on buyers.
An emerging cup-and-handle structure remained technically valid, yet the handle continued developing beneath key resistance instead of attracting stronger buying interest. Unlike previous recovery attempts, recent rebounds lacked follow-through and repeatedly stalled below the falling trendline. Meanwhile, the RSI declined to 43.19, remaining below its signal line at 48.23 and indicating weakening buying strength.
Resistance at $78.45, support at $70.10
Immediate resistance stood at $78.45, whereas $70.10 represented the nearest downside support before $62.07. A recovery above the descending channel could revive bullish sentiment and reopen the path toward $82.56. Otherwise, continued weakness would likely shift attention toward lower support levels.
Source: AMBCrypto
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