Solana (SOL) is showing potential signs of a short-term trend shift as two key technical indicators flash signals. On-chain analyst Ali Martinez highlighted a TD Sequential buy signal on the 4-hour chart alongside a bullish divergence on the Relative Strength Index (RSI). These signals emerged as SOL trades near a key support zone around $91.81, with its market capitalization exceeding $51.83 billion.
Technical indicators suggest a potential pause in Solana’s recent selling pressure. The TD Sequential indicator has shown a buy signal on the 4-hour timeframe, which is often used to identify trend exhaustion.
A bullish divergence has also formed on the Relative Strength Index. This occurs when the price makes a lower low but the RSI makes a higher low, hinting at weakening downward momentum.
According to data from CoinMarketCap, SOL was trading at $91.81 at the time of writing. The token’s 24-hour trading volume was approximately $7.15 billion.
The price chart reveals SOL could climb toward a resistance level near $97.72. If bullish pressure occurs, it may test the $100 range.
If a reversal occurs, support sits near $88.15. A further breakdown could potentially drive the price toward $85.
The Moving Average Convergence Divergence (MACD) indicator currently shows a bearish trend. The Relative Strength Index (RSI) reading of 21.48 indicates the asset is in oversold territory.
Long-term projections from CoinCodex forecast the 200-day simple moving average to reach $163.73. The 50-day simple moving average is projected to reach $128.42.
