- Solana is showing resilience despite weak market conditions, with strong accumulation and a declining NVT ratio signaling potential for recovery.
- Holding above the crucial $144 support level could trigger a bounce toward $152, while a drop below may invalidate the bullish outlook.
Accumulation Outweighs Selling: Investors Stay Confident
Despite facing sluggish market conditions through June, Solana (SOL) has demonstrated resilience. Its price has hovered around $146, showing strong investor conviction as selling pressure remains surprisingly light. According to on-chain data, there’s been consistent accumulation across exchanges—with only one notable exception in nearly three months. This trend reveals that most holders are betting on Solana’s long-term potential, not short-term exits.
Declining NVT Ratio Signals Price Recovery Potential
Adding to this optimistic outlook is Solana’s declining Network Value to Transactions (NVT) ratio. This ratio helps gauge whether a cryptocurrency is overvalued relative to its transaction volume. A lower NVT ratio often implies the asset is fairly priced and not in a speculative bubble. For Solana, this suggests a healthier network environment that could support sustainable price growth once market sentiment turns more favorable.
Key Support at $144 Could Define the Next Move
Currently, SOL is trading at $146—just above the critical $144 support zone. This level has proven vital in preventing deeper losses throughout June. Should the token maintain its footing here, bulls may target resistance at $152, and if momentum builds, a push toward $161 could follow.
However, the risk remains. A slip below $144 may open the door to a drop toward $136, effectively nullifying the current bullish setup. The coming days will be key in determining whether Solana can capitalize on accumulation trends and a supportive NVT backdrop.
Bullish Hopes Intact—But Watch the $144 Line
Solana’s ability to resist market-wide sell-offs, supported by accumulation and a favorable NVT ratio, points to strong fundamentals. If it holds above $144, bulls may have the upper hand. But a breakdown below that level could spell trouble. Traders and investors alike will be watching closely—because the next move might just define SOL’s summer trajectory.
