Key Takeaways
- Solana maintains its position around the $89–$90 range, with buyers defending crucial support.
- Breaking through $90 resistance could open the path toward $120, representing approximately 30% upside.
- Monthly trading volumes increased by 30%, momentarily reaching close to $5 billion.
- Network transactions declined 20% from their recent high, indicating reduced on-chain activity.
- Market analyst Crypto Patel identifies a monthly bullish engulfing candle as a critical pattern that could signal a significant price movement.
Solana continues to trade in the vicinity of $90 as market participants battle for control of this crucial price zone. The upcoming sessions will likely determine whether the asset advances toward higher levels or retraces to find support below.
The token has gained approximately 7% throughout the past 30 days and currently trades just beneath the $90 resistance area. Market volume expanded by 30% during this timeframe, approaching the $5 billion threshold, which accounts for roughly 10% of the circulating supply’s total value.
President Donald Trump’s decision to temporarily halt U.S. military strikes on Iranian energy infrastructure provided support to digital asset markets this week. This development briefly drove SOL past the $90 threshold, though sustained selling has prevented the price from maintaining higher ground.
Liquidation records indicate that more than $370 million in bearish positions were eliminated during that temporary spike. Should buying momentum intensify, conditions may favor an even larger liquidation cascade.
The daily timeframe reveals the Relative Strength Index (RSI) positioned at 54, following a brief advance above 60 last week. This reading indicates growing positive momentum that has yet to produce a definitive breakout.
Critical Price Zones Under Observation
A decisive move above $90 would place $100 as the immediate objective, representing an 11% advance. Continued strength beyond that point could propel the asset toward $120, delivering a 30% return from present values.
Analysis of the 4-hour timeframe reveals a buy signal emerged precisely as SOL tested the $90 level, indicating institutional participation at this price point. Traders view this development as evidence that $90 carries significant technical weight.
Should selling intensity escalate, SOL may retreat toward $85 or potentially $80. The magnitude of any downward movement would depend on the force of bearish pressure.
Blockchain Metrics and Monthly Pattern Analysis
Blockchain analytics from Artemis reveal that Solana processed 774 million transactions last week. This figure represents a 20% decrease from the previous peak, suggesting diminished network engagement.
The Fear and Greed Index has climbed from an extreme reading of 5 to 46, demonstrating that market participants are exiting panic mode, though overall sentiment remains measured.
Examining the monthly timeframe, analyst Crypto Patel has identified a pattern deserving attention. His research indicates that each substantial SOL rally has been preceded by a monthly bullish engulfing candle formation.
Historical examples include Solana‘s surge from $1.03 to $260 throughout 2020 and its climb from $8 to $296 during 2022. Patel suggests a comparable candle forming in 2026 could drive SOL toward $1,000 or beyond.
Present technical readings show mixed signals. The monthly RSI stands at 35.44, while SOL trades beneath all significant moving averages, including resistance zones at $104, $111, $152, and $160.
The MACD indicator registers at -1.26, positioned below its signal line at -20.88, accompanied by a negative histogram reading, pointing to ongoing near-term resistance.
As of the latest data, SOL trades at $89.33, recording $6.95 billion in 24-hour volume alongside a market capitalization of $51.64 billion.
