- Analyst Ali Charts said Solana’s SuperTrend indicator turned bullish after SOL moved above $78, signaling a potential trend reversal.
- Exchange withdrawals and rising network activity supported the bullish outlook by reducing immediate selling pressure.
- The $79 to $85 range remains major resistance, while a break below $74 could invalidate the current buy signal.
Solana has generated a fresh bullish technical signal, according to analyst Ali Charts, as improving on-chain activity supports the trend change. The analyst said the SuperTrend indicator turned positive after SOL moved above $78 on June 30, while exchange withdrawals and rising network activity strengthened the bullish setup despite a major resistance zone ahead.
SuperTrend Turns Bullish as Network Activity Grows
According to Ali Charts, the three-day SuperTrend indicator shifted to a buy signal after Solana climbed above $78. The indicator marked its first bullish reversal since the previous sell signal. Meanwhile, on-chain data also showed stronger network participation.
Ali Charts reported that Solana has averaged 8.4 million new addresses every week. The analyst also noted that about 1.6 million new addresses joined the network over three weeks. According to the analysis, that increase coincided with improving market conditions.
Exchange Outflows Support Accumulation Case
Alongside network growth, exchange balances also declined. According to Ali Charts, investors withdrew around 1.5 million SOL from exchanges between June 24 and July 3.
The analyst said those withdrawals suggest more investors moved tokens into self-custody instead of leaving them available for sale. As a result, immediate selling pressure appeared to ease.
A separate update also referenced roughly 100 million SOL leaving exchange reserves between July 3 and July 11. According to the analysis, lower exchange balances aligned with the improving technical outlook.
Resistance and Support Levels Remain Critical
Despite the bullish indicators, Ali Charts identified a major supply barrier between $79 and $85. According to the URPD data, roughly 105 million SOL previously changed hands within that range.
The analyst said a breakout above $85 could clear the path toward the next supply zones at $100 and $127. However, that resistance remains the key hurdle for buyers.
On the downside, Ali Charts said losing the $74 level could reverse the SuperTrend back to bearish. According to the analysis, that move would invalidate the current buy signal.
The analyst added that a bearish reversal could expose Solana to the next major URPD support level near $53.
