Solana’s price is showing potential signs of a trend reversal after recovering sharply from its June low near $60.66. The cryptocurrency has reclaimed the $100 level and is now testing a critical resistance zone, with the next major target near $115.
The recent breakout has strengthened market momentum, but Solana now faces a decisive test: can the $SOL price hold above $100 and break through resistance near $115?
Institutional demand, strong network activity and upcoming Solana upgrades are also supporting the bullish outlook. The next few trading sessions could determine whether the current move marks the start of a broader recovery or leads to another rejection.
Solana Price Reclaims $100 as $115 Resistance Comes Into Focus
Solana’s price structure has shifted significantly following its rebound from the June low near $60. The price has moved back above key moving-average levels and is now consolidating around a pivotal resistance zone. However, the MACD indicator is signaling caution.
MACD data shows that buying pressure is easing, with bullish momentum losing strength and a potential bearish crossover developing. At the same time, the 50-day and 200-day moving averages are moving toward a potential golden cross.
This creates a divergence between the indicators. The MACD suggests that the rally may be losing momentum, while the moving averages indicate that the underlying trend could turn bullish. Even if the MACD produces a bearish crossover, continued support above $100 could allow the ‘golden cross’ to absorb selling pressure and support a longer-term upward move.
Meanwhile, Solana’s price is trading near the 0.5 Fibonacci retracement level at $104.50, leaving it vulnerable to another pullback toward $100 or lower. For now, $SOL price action suggests that the central question is not whether momentum has slowed, but whether buyers can absorb selling pressure without giving up the recent breakout.
Source: cryptonews.net
