Solana prices are gaining upside traction to start the week after snapping a multiweek slide. The token has risen for four straight days now, allowing it to reclaim its 50-day moving average while setting up a decisive directional battle at higher resistances.
SOL currently trades around $100, extending its February advance to 15% off 2023 lows. It now returns to last week’s breakdown level following several failed breakout attempts in that area to kick off the new year.
The recent bullish progress comes as buyers seize on market stabilization to regain lost ground. Positive risk sentiment to start the week is allowing beaten-down altcoins some reprieve to rebuild slumping momentum.
Solana surges past $100
Solana is now constructive above its 50-day average, turning that dynamic support marker into resistance. Prices now gear up to challenge the stiff $100 level that thwarted its bounce efforts near the start of January.
Analysts say Solana appears to have completed a bullish morning star reversal formation following a multiweek consolidation. But lingering overhead supply and fading buying volumes signal continued challenges facing budding optimism.
Indeed, SOL now stands at the doorstep of potentially flipping its prevailing downtrend should bulls overwhelm resistance. A daily close above $100 likely reopens upside potential toward formidable technical barriers around the $128 mark.
Conversely, failing to sustain itself above the 50-day MA leaves open the risk of sellers generating traction once more. In that scenario, a drop back through crucial support at $80 exposes the ominous $50–60 zone, representing 2022 lows.
For now, analysts still preach caution around overeager bullish exposure without further evidence. However, impending SOL reactions in well-defined technical areas should reveal where popular sentiment currently resides.