Solana's price has been fluctuating in recent days, with some analysts predicting a potential shift in its trend.
The cryptocurrency is currently trading near $85, holding a bearish near-term bias as it remains below key Exponential Moving Averages and Fibonacci retracements. However, the momentum indicators suggest a mixed market condition, with the Relative Strength Index (RSI) hovering around a neutral 55 and the Moving Average Convergence Divergence (MACD) slightly below zero.
The bulls are attempting to push the price above the critical hurdle at $86.10, which could expose the 100-day EMA at $94.05 and the 38.2% Fibonacci retracement at $98.53 in the near to medium term. If the institutional demand continues and intensifies this week, the Solana price could move higher.
According to CoinGlass' long-to-short ratio for Solana, which reads 1.12 on Tuesday, the highest level over a month, more traders are betting on the asset's price to rally. Institutional investors are also showing interest, with Solana spot Exchange Traded Funds (ETFs) recording an inflow of $3.28 million on Monday.