The cryptocurrency market is experiencing high volatility following a series of exploits this month, causing uncertainty across DeFi. The KelpDAO exploit and the sharp decline in RAVE prices have added to the cautious atmosphere among traders. Despite a brief pullback, Solana’s price has shown resilience by bouncing back from local support levels.
However, the real challenge lies ahead as SOL approaches a familiar resistance level that has limited its upward movement for weeks. The question now is whether Solana can break above $90 or if this will mark the 8th unsuccessful attempt to break through this range.
Solana (SOL) Price Analysis
Solana has been trading within a well-defined range since February, with $89 acting as immediate resistance and $75-$78 as crucial support. Despite multiple attempts to surpass $89, the cryptocurrency has failed to maintain levels above the $92-$95 supply zone, indicating strong selling pressure in that area.
Currently, Solana is once again approaching this resistance level with improved strength. Increased volume and positive indicators like RSI trending upwards and MACD turning positive suggest growing momentum. However, the lack of conviction remains a concern as the price continues to trade below the critical breakout zone.
Key levels to monitor:
- Resistance: $92 → $95 → $98 (breakout confirmation zone)
- Support: $82 → $75 (range low liquidity zone)
A clear breakout and sustained hold above $95-$98 are necessary to confirm strength. Without this, the market is likely to remain range-bound with potential sell-offs at resistance levels.
Wrapping it Up!
Solana stands at a pivotal point, awaiting a confirmed breakout. A successful flip of $95-$98 into support could lead to a further rally towards $105-$115. However, failure to break this zone may result in another rejection, potentially pushing the price back to $82 and even $75 before a sustainable trend emerges.
