Solana Price Recovers, Challenges $100 Resistance

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 5 days ago

SOL+0.647%

HONEY-2.07%

BTC-1.055%

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Market Sentiment Improvement: Solana's price has rebounded from recent lows, currently trading around $87, as traders monitor short liquidations and improving ETF sentiment that could drive a breakout above the $100 double-top resistance.
Strengthening Institutional Activity: Morgan Stanley has reportedly refiled a Solana ETF with staking support, adding to institutional interest in SOL products, indicating a growing demand for regulated investment vehicles in the crypto space.
Technical Analysis Insights: Analysts have identified heavy liquidation clusters between $90 and $95, suggesting that a breakout above this range could trigger significant upside momentum, pushing prices closer to the $100 mark.
Robust On-Chain Fundamentals: Solana's total value locked (TVL) has shown signs of stabilization after months of contraction, with analysts believing that a recovery in TVL will strengthen spot demand for SOL tokens and bolster confidence in Solana's decentralized finance ecosystem.

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Technical Analysis for SOL

Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 4 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Solana (SOL) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	73.595	77.157	80.875	84.437	88.155	91.717	95.435
Fibonacci	77.157	79.938	81.656	84.437	87.218	88.936	91.717

About SOL

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.To learn more about this project, check out our deep dive of Solana.The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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