- $90 acts as crucial support for a potential Solana price upward move.
- Rising short-term momentum supports a possible rebound.
- Breaking $100 could open the path toward $120.
Solana (SOL), currently trading at around $91.90, has been under immense bear pressure in recent months.
The token has seen a steady decline from its previous highs, but recent technical signals suggest a rebound could be in play.
The $90 level is emerging as a key support level, which, if held, could trigger a strong upward move.
Technical analysis
The immediate support level at $90 has been tested several times in recent weeks, and every time Solana approaches it, buyers have stepped in to prevent further declines.
Technical charts show that holding this level is critical since a break below it could lead to a pullback toward $77.
On the other hand, maintaining $90 provides a foundation for bulls to push higher.
Momentum indicators show a mixed picture, with shorter timeframe charts indicating growing strength, although some oscillators are still signalling caution.
This suggests that while there is potential for upward movement, the market is waiting for confirmation.
Trading volume has also picked up slightly in the past month, showing renewed interest among traders.
Yet, on-chain activity has dropped, indicating fewer transactions on the network.
This combination of higher trading volume and lower on-chain use points to speculative interest driving the short-term rally.
Why a rebound to $120 is possible
The combination of technical support, rising volume, and potential bullish momentum makes the $120 target realistic if $90 holds.
If Solana holds $90, the path to $96.47 is relatively clear.
Once $96.47 is broken and sustained, a move toward $120 becomes plausible.
This would represent a nearly 30% gain from current levels, making it an attractive scenario for bullish traders.
Historical patterns also support this possibility.
In previous cycles, Solana has seen rapid rallies after establishing such strong support levels.
Short-term momentum is improving, and daily momentum indicators such as Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are turning more positive.
The MACD histogram is above the middle line, and the signal line has moved above the main MACD line, and the RSI has rebounded above 50 after a slight dip, signalling a possible rebound in the near term.
These suggest that buyers are gaining control, at least for the near term.
However, caution still remains since any failure at the resistance at $96.47 could lead to sideways trading or a complete collapse.
In addition, the market is sensitive to broader cryptocurrency trends, and a strong rebound in Bitcoin (BTC) and Ethereum (ETH) could further lift Solana’s price, while weakness in these coins could cap Solana’s gains.
