Solana Sees 12% Intraday Bounce Amid Dip Buying, Faces Challenges Ahead

Solana's price experienced a significant 12% intraday increase, driven by aggressive dip buying. According to NS3.AI, this comes despite recent losses in the cryptocurrency's value. However, on-chain data reveals a slowdown in the accumulation by long-term holders, which could impede a sustained recovery. While momentum indicators suggest that selling pressure might be overextended, the inability to reclaim the $100 mark could result in Solana remaining range-bound or potentially declining further.