"Finally moved"...Solana at a crossroads just before breaking $90

▲ Solana (SOL)

Solana (SOL) has completed its short-term correction and is showing a rebound, entering a key resistance zone surrounding the potential breakthrough of $90.

According to cryptocurrency media outlet NewsBTC on April 27 (local time), Solana recently confirmed support near $85 and successfully turned bullish, recovering above the $86 mark. The current price is moving above $87, maintaining a short-term upward trend.

During this rebound, breaking through the $85 and $86 levels formed technically positive signals. In particular, recovering the 50% Fibonacci retracement level of the downtrend suggests a renewed influx of buying pressure. Simultaneously, an upward trend line formed on the hourly chart, establishing strong support around $86.50.

The key variable for an upward scenario is whether it breaks $90. Currently, short-term resistance is formed in the $88 range, and if this is surpassed, $90 will act as a major watershed. If it then decisively breaks $92, additional upward momentum could lead to an extension to levels above $100.

Conversely, if it fails to break $90, a renewed correction could follow. Short-term support levels are the $86.50 and $85 ranges, and an analysis suggests that if these levels collapse, downward pressure could extend to the $80s.

Technical indicators also support the upward trend. The Moving Average Convergence Divergence (MACD) is strengthening momentum in the bullish zone, and the Relative Strength Index (RSI) is also maintaining above 50, indicating a buying-dominant trend.

In the market, there is a coexistence of views: some see the current phase as the early stage of a trend reversal rather than just a short-term rebound, while others maintain a cautious stance, viewing it as movement within a sideways range. Ultimately, whether it breaks $90 is expected to be the key variable determining the future direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*