Solana
Solana shows early rally signals as analysts eye $100 target
Technical indicators suggest Solana could rally toward $100 if it breaks through the $78 resistance level, though downtrend headwinds persist.
Solana has gained 5.89% over the past week but remains caught in a deep downtrend, with prices down 57% over the past year. The token hit $60.13 on June 6, marking its lowest level since December 2023.
According to analyst Ali Martinez, multiple technical signals point toward a potential bullish reversal. The TD Sequential has generated a buy signal on the daily timeframe, while the MACD formed a golden cross indicating positive momentum shift. A break above the $78.7 resistance could initiate the rally, with initial strength potentially reaching $83 before an extension toward $98.
The parallel channel price action is approaching a bullish flip, Martinez noted, though the one-day swing structure remains bearish. The On-Balance Volume indicator has made higher lows over the past week but has not surpassed June highs, while the Accumulation/Distribution indicator has climbed slightly without establishing a clear uptrend.
In separate news, Solana's Resource and Inclusion Fee proposal advanced past the initial voting stage on August 4. If approved, the daily SOL burn would increase roughly 14-fold from 650 to 9,000 tokens.
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