Solana (SOL) has picked up momentum this week, staging a fresh upside move after settling above the $88 mark. Mirroring strength seen in Bitcoin and Ethereum, SOL climbed through $92 and briefly cleared $95, topping out at $97.67 on Kraken before slipping into consolidation around $95.
Technical picture
- Price action: SOL is trading above the 100-hour simple moving average and has a bullish trendline on the hourly chart with near-term support at $94.
- Retracement: The pullback from the $97.67 high tested the 23.6% Fibonacci level of the recent run-up from $86.54.
- Momentum: Hourly MACD is cooling within the bullish zone, while the RSI remains above 50 — a sign that buyers still hold an edge, though bullish momentum has eased.
Upside scenario
If bulls can push past immediate resistance at $95, the next hurdle sits around $98. A clean break and close above $100 would reinforce the bullish case and could open the door to higher targets at $105 and then $112.
Downside risk
Failure to break higher could lead to another leg down. Initial support is the $94 trendline, followed by the $92 level — also the 50% Fib of the recent move. A decisive break below $92 risks a drop to $88, and a close under $88 could extend losses toward $82 in the near term.
Key levels
- Support: $94, $92, $88, $82
- Resistance: $95, $98, $100, $105, $112
Bottom line: SOL’s short-term bias remains bullish as long as it holds above the 100-hour SMA and the $94–$92 support zone, but momentum has cooled and a failure to reclaim $98–$100 could trigger a corrective pullback. Data source: Kraken.
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