Solana's Price Surge Raises Bull Trap Concerns Amid Key Resistance Levels

Solana's price has recently broken above a significant inverse head-and-shoulders neckline, indicating a potential upside of over 50%. According to NS3.AI, despite this bullish signal, long-term holders are exiting the market aggressively. Derivative data reveals increased open interest and positive funding rates, suggesting that leveraged longs are entering the market, which raises concerns about a possible bull trap. For the breakout to be confirmed, Solana must surpass critical resistance levels at $85.70 and $91.09. However, if the price drops below $78.88 and $67.24, the move risks being invalidated. The current market dynamics highlight the importance of these resistance and support levels in determining Solana's future price trajectory.