Solana is trading within an ascending channel, with $90 capping its upside over the past week and acting as a key breakout level.
Summary
- Solana trades within an ascending channel, with $90 acting as a key resistance level that has capped upside for nearly a week.
- Price has stabilized in the $85–$86 range after dropping from $89, while technical indicators point to building bullish momentum.
- A breakout above $90 could open upside toward $94–$96, while rejection may lead to a retest of the $80 support zone.
According to data from crypto.news, Solana (SOL) dropped from its Wednesday high of $89 to $85 on Thursday. The token has since stabilized and has been trading within a tight range of $85–$86 as bulls fail to reclaim the $90 resistance level for nearly a week.
Despite recent weakness, technical indicators suggest that Solana price is well-positioned to surge past $90 in the coming sessions.
On the daily chart, Solana price has formed an ascending channel pattern, marked by higher lows and higher highs. The pattern signals a steady accumulation trend where buyers step in at increasingly higher levels.
In Solana’s case, the lower boundary of the channel sits near the $78–$80 zone, which has acted as strong support, while the upper boundary continues to converge toward the $90 resistance area.
Momentum indicators also seem to support a gradual….to the bulls. The MACD histogram has turned positive, with the signal line crossing above the MACD line. At the same time, the Aroon indicator shows the Aroon Up trending higher while Aroon Down remains subdued, a sign that buying pressure is starting to dominate over sellers.
Hence, if Solana price manages a decisive breakout above the $90 resistance level, it could confirm the continuation of the ascending channel and open the door for further upside toward the $94–$96 region, where the next supply zone remains visible.
However, failure to break above the $90 resistance could keep the price confined within the channel, with a potential retest of the $80 support level if selling pressure increases.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
