Solana (SOL) has risen above $80, showing signs of recovery with its price targeting the $85–$86 resistance zone. The positive momentum follows a bounce from a key reversal zone, signaling renewed market interest. However, the price remains under major moving averages, with technical indicators like the RSI and MACD suggesting cautious trading conditions.
Solana is trading at $83.15 with a 24-hour trading volume of $6.37 billion and a market capitalization of $47.63 billion. The coin registered a 1.39% increase over the last day, indicating a potential bounce from its recent consolidation.
Analyst BitGuru noted that Solana was bouncing well from an important reversal zone. As long as support at $80 holds, the cryptocurrency is likely to test resistance levels at $85 and $86.
The price faces significant resistance, remaining below its 20-day moving average at $85.78 and its 50-day moving average at $87.88. It also trades below its 100-day and 200-day moving averages at $104.02 and $138.86, respectively.
The Relative Strength Index (RSI) is at 43.04, indicating limited buying activity below the neutral level. The Moving Average Convergence Divergence (MACD) is at -1.56 below its signal line, suggesting sellers remain in control.
The short-term direction depends on the $80 support level. Holding above it could allow a move toward $85-$86, while a break below may renew downward pressure.
Overall, Solana exhibits early signs of recovery but within a cautious technical landscape. The market shows renewed trading interest, though gains may be limited by the prevailing downtrend.
