Solana (SOL) has shown a 2.49% increase in the last 24 hours, reaching $99.03. This rise outpaced the general market recovery, with traders responding positively to Solana’s recent network upgrades and renewed interest in Layer 1 tokens. Despite these positive developments, SOL has yet to break the $100 mark. The question now is whether the bulls can push the recovery further.
Looking at Solana’s daily chart, it appears that the token is in a phase of consolidation. While SOL has been trending slightly lower following a recent bullish rally, the pullback has been controlled, with the bulls defending the 38.6% Fibonacci retracement level at $95.15. The price is approaching the 23.6% Fibonacci level at $101.16, but reclaiming this zone may prove challenging without stronger momentum. Technical indicators suggest that consolidation is likely, with the RSI hovering just above neutral at 52 and the OBV flattening out. As long as SOL holds above the 38.6% Fibonacci level, its recovery should remain intact, even if it moves sideways for a while.
On the 4-hour chart, SOL has given bulls a glimmer of hope despite weak momentum. After falling and hitting the 61.8% Fibonacci retracement level at $94.46, SOL attracted buyers within the golden pocket and started to recover. Breaking above the 50% Fibonacci level at $99.16 is a significant milestone, but the lack of strong momentum is a concern. A sustained hold above $99.16 could pave the way for further recovery if buying volume picks up. However, if SOL falls back below this level, $94.46 will be the next key support level to watch. The 61.8% Fibonacci level is crucial, as SOL has yet to break it since the recent rally. Maintaining above this level will preserve the short-term recovery structure.
In conclusion, SOL’s immediate test lies at the 4-hour 50% Fibonacci level at $99.16. Holding the $95-$100 demand zone will keep the token’s broader daily structure intact. Despite the ups and downs, SOL’s recovery remains on track as long as key support levels are maintained.