Solana’s rally is one of the most powerful in the market, with prices rising nearly 30% per month. At $242 today, the bullish surge in Solana Price against $284 is still working.
However, data on the charts and chain suggest that this movement may not be straight. The short-term signal suggests a pullback that allows Solana to reset the trend before she resumes climbing.
Overheating signals only refer to pullbacks as accumulation remains strong
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One reason to expect a pause is Solana’s MVRV Z score. This is a valuation measurement method that compares market value with realised value.
A higher score suggests that the assets are overvalued or leaning towards the top of the local area. On September 12th, the MVRV Z score was spiked to 1.34, reaching its highest in six months. Local peaks in July and August coincided with the top prices in local Solana, causing double-digit corrections.
July 22: MVRV hit 1.03 when Sol was $205. The Solana Price was later revised to $158, down about 23%. August 13: MVRV peaked at 0.92 when Sol was $201, with the price slid to $176, a 12% DIP.
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This brings you with the latest height. But today’s context is different.
During the previous local top-induced drop, the exchange net position changes became strongly positive, with tokens being sent to exchanges and sales pressure added.
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This time, the opposite is true. Since September 10th, the exchange balance has been in the depth of red and Sol has been flowing through exchanges. The sustained outflow suggests accumulation rather than panic sales.
The bearish pattern hints at the Solana Price Dip, but the $284 pass remains the same
The technical chart adds another layer. On the four-hour chart, Solana shows a bearish fleeting. Prices are rising highs, and the RSI (Relative Strength Index) tracking momentum is below highs. In higher time frames, this pattern often shows trend reversals, whereas in shorter charts, it usually refers to pullbacks.
The viewing levels are $239 and $237, and will be adjusted for support both on the 4-hour and daily charts. With the MVRV-Z spikes and RSI divergence pointing to the pullback, it’s time to closely check your daily charts at a critical level.
Slips below $237 could potentially bring in $230 and $224. Still, bigger breakouts remain in effect. Solana Price is already nicely broken above the channel, verifying the bullish setup we’ve tracked previously.
Breakout targets will be nearly $284 per rising channel target (up 17% from current levels), and the target remains as long as Sol does not fall below $199.
In other words, dips here may not be a threat, but rather a reset. Solana’s short-term momentum appears tense for now, but the wider rally towards $284 is still on track.
