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SOL Key Points
Solana failed to break through $100, making $89 a key support level to maintain its overall bullish recovery structure.
The relative strength indicator (RSI) is high and long positions are too concentrated, SOL will face greater liquidation risk once sellers push prices below key support levels.
The rebound in trading volume supported the price rebound, but SOL could face a deeper decline if the daily close fell below $89.
Solana's $100 breakthrough failed, but this key level may save its bull market.
Solana failed to stand above $100, making the $89 support area the core of its overall recovery and a key level that traders need to pay close attention to. [TAG
SOL briefly broke above $102 before sellers pushed the price back around $97, weakening the strength of the short-term breakout but not undermining its broader recovery structure.
The cryptocurrency has gained about 27% in the last 30 days and about 26% in seven days, showing the strength of the recent rally. It is worth noting that SOL has broken through its long-term moving average (around $89.50), which is the most important technical breakthrough in the recent rally.
89 USD support determines Solana's next move
According to market data, SOL's Relative Strength Indicator (RSI) has risen to around 79, clearly entering overbought territory. As a result, if buying forces weaken, profit-taking could increase, especially after SOL rose from the mid-point of more than $70 in a relatively short trading session.
Derivatives data also showed high long positions, with the long-short ratio of Binance SOL/USDT perpetual contracts at approximately 2.07 in the statistical account. The long-short ratio of top traders also exceeded 2.0, indicating that there are far more long positions than short positions in these statistical positions.
This imbalance creates additional liquidation risks for SOL, especially if prices continue to fall again from their current level of around $97. Within 24 hours, approximately $17.51 million in SOL positions were liquidated, indicating that leveraged traders were already under pressure. In addition, 12-hour futures flows recorded a net outflow of approximately US$60.76 million, which may put more leveraged bulls at risk in the next round of downturns.
Solana's bullish structure faces a critical test
However, SOL did not confirm a broader bearish reversal because the token remained above its long-term moving average (approximately $89.50). Short-term moving averages remained around $78 and $84, while trading volume increased during the breakout period, indicating stronger buying participation.
As a result, as Solana attempts to maintain the structure of its recovery, the $89 to $90 area is more important than the $100 mark that was breached. If we can continue to hold above $89, SOL may consolidate first, and then buyers will try to break into the $100-$103 range again.
Conversely, if the daily closing price falls below $89, it may test down to $84 first and then consider the $78 to $80 region. For now, the failed $100 breakthrough has not ended Solana's broader recovery, but holding on to $89 will determine whether buyers can still control the trend.
