Solana’s price is nearing the key resistance level of $90 as the MACD histogram is turning positive, suggesting that the short-term momentum may change in favor of buyers.
Conclusion
- Solana is trading around $84.53 while approaching the key resistance level near $90
- The MACD histogram has turned positive, indicating an improving short-term momentum signal.
- A break could push the price to $95 to $100, while a rejection could bring it back to support around $85 or $78.
At the time of writing, Solana (SOL) was trading around $84.53, down about 6.5% in the last 24 hours. The crypto market has cooled after a brief pullback, but Solana is still holding near the bottom of its weekly range of $77.47 to $93.40.
Over the past month, the token has lost about 10% of its value, and remains about 70% lower in January 2025, at $293.
Trade activity has slowed down. According to CoinGlass, derivatives volume fell 17% to $13 billion, and open interest fell 5.5% to $5 billion. This suggests that some traders are withdrawing from short positions as volatility remains.
Solana analyst’s opinion
However, there are signs of short-term optimism. Analysts say Solana could test the $95-$105 range in the coming weeks if buying pressure builds. A break above $100 is possible, although the market is still cautious and the price swings continue to be sharp.
Traders’ expectations are mixed. Some traders expect Solana to rise above $110, while others think it may stay above $100 in the near future.
Network activity was strong. More and more institutions are investing in Solana products, and activity continues in DeFi, stablecoins and memecoins. Payment options using USDC are also growing on Solana, which shows that the network is used for real transactions rather than just business.
The stablecoin market, now worth more than $300 billion, could help Solana grow. Stablecoins are increasingly used for cross-border payments, derivatives and day-to-day transactions.
Analysts also see long-term potential in tokenized assets that could grow significantly in the coming years.
Technical analysis of Solana prices
Solana is nearing $90, a key resistance level that has fueled the sell-off in recent weeks. The MACD histogram has turned positive, indicating an increase in short-term momentum.
The price is close to the 20-day moving average, which shows some recovery, but it is still below the 50-day moving average, so the medium-term trend is not yet up.
Volatility may increase. Bollinger Bands begin to widen after a quiet period, which is often a sign that larger price moves may be on the way. If Solana breaks and closes above $90 on strong volume, the next target could be $95 to $100.
On the other hand, a rejection here could see it bounce back to $85, with stronger support around $78. Currently, $90 is an important level. How Solana reacts could determine whether it sees a breakout or settles into another period of sideways trading.
