Solana has regained the $90 level after several weeks of pressure, briefly pushing above it before pulling back slightly. The token is up nearly 7% in the past 24 hours and around 9% on the week, recovering from recent multi-month lows.
The move comes amid a broader crypto market rebound. Bitcoin climbed more than 7% to trade near $69,000, while Ethereum surged back above $2,100. Total crypto market capitalization increased by over 7% as risk appetite improved. The rally comes from renewed confidence in U.S. technology stocks due to strong Nvidia’s earnings.
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Momentum Improves Without Overheating
Technical indicators show strengthening short-term momentum. The RSI(14) has rebounded from oversold territory near 34 last week to around 47, indicating that selling pressure has eased. Meanwhile, the shorter-term RSI(7) is near 60, confirming stronger buying activity over recent sessions.
Neither indicator signals overbought conditions at this stage. This suggests that while momentum has shifted upward, the move has not yet reached technically stretched levels.
Price action also aligns with this recovery. Solana is trading close to its upper Bollinger Band, which sits slightly above the current range. The brief move above $90 suggests buyers are testing resistance, though sustained acceptance above that level has not yet been confirmed.
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Key Levels to Watch
Fibonacci retracement levels highlight important areas that may shape the next move. The 78.6% retracement near $84.89 now serves as near-term support. Holding above this level would maintain the current recovery structure.
On the upside, the 61.8% retracement around $98.53 represents the next significant resistance zone. A move toward that level would indicate continued strength, while rejection below $90 could signal consolidation within the broader downtrend.
