[DigitalToday reporter Yoonseo Lee (이윤서)] Solana (SOL) traded slightly above $84 on April 1 (local time), and an 8-hour chart again flashed a signal similar to one seen before a 21 percent surge in early March. A supply zone overlaps the $85 to $88 range, where 37.7 million SOL is clustered, and further gains depend on whether that zone is absorbed.

According to blockchain media outlet BeInCrypto, Solana moved sideways over the past 30 days, while the 8-hour chart stayed within a head-and-shoulders pattern since late February. The head rose to $97.75, and Solana moved near the lower end of the structure as the right shoulder formed.

The Smart Money Index (SMI) rose to near its signal line on March 31. A similar pattern appeared on March 8 to 10, and Solana gained 21.59 percent over six sessions through March 16 after the SMI crossed above the signal line on March 10. Observers say the rebound could weaken again if the SMI fails to clearly break above the signal line this time.

The relative strength index (RSI) posted a lower low from Feb. 28 to March 31 while the price made a higher low. A rebound of about 6 percent followed, and smart-money flows also moved in.

On the upside, three supply clusters overlapped at $85.31 to $88.22 based on an average-cost distribution heatmap from on-chain analytics firm Glassnode. A total of 14.34 million SOL built up at $85.31 to $86.27, 12.76 million SOL at $86.27 to $87.24, and 10.62 million SOL at $87.24 to $88.22.

Technically, if the 8-hour candle closes above $84.95, it could move to test the first cluster. If it then breaks above $87.38, the key question is how much selling emerges in the second cluster zone. If it regains $89.82 and holds on a closing basis, it would be read as absorbing all three clusters and could open room for additional gains to $97.75.

If it fails to regain $84.95, it could test $81.47 and $78.77 in turn. If $78.77 breaks, an additional downside zone could open with $64.19 as a measured-move target.