Solana (SOL) Price: Buy Signals Emerge, But Can SOL Break $78 Resistance?

TLDR

• Solana is up 5.89% over the past week but remains in a long-term downtrend.
• SOL has dropped 57% over the past year, hitting a low of $60.13 on June 6.
• Analyst Ali Martinez says technical signals point to a possible rally toward $100.
• Volume indicators like OBV and A/D still show sellers in control.
• Solana’s Resource and Inclusion Fee proposal cleared its first vote on August 4.

Solana (SOL) has gained 5.89% over the past week. The token is still stuck in a downtrend that has lasted for months.

Over the past year, SOL has lost 57% of its value. The lowest point came on June 6, when the price fell to $60.13. That was the weakest level since December 2023.

Some analysts think this trend could shift. A move above a key resistance level could open the door to a bigger rally.

Solana Price on CoinGecko

Buy Signals Point To A Rally

Crypto analyst Ali Martinez shared his outlook on X. He said a SOL price target of $100 is possible if certain conditions play out.

Martinez pointed to the TD Sequential indicator, which flashed a buy signal on the daily chart. He noted that a move above the $78.7 resistance level could trigger the next leg up.

He also highlighted a MACD golden cross on the chart. This typically signals a shift in momentum from bearish to bullish.

Martinez added that Solana’s price was sitting inside a parallel channel that looked ready to flip bullish. He said stronger demand could first push the price to $83.

A break above $83 would then strengthen the case for a move toward $98, according to Martinez’s post.

Volume Indicators Tell A Different Story

The daily swing structure still looks bearish. SOL was rejected at the 61.8% retracement level near $83 but has held above $70.

The On-Balance Volume (OBV) indicator has not climbed back to its June highs. It has, however, formed higher lows over the past week.

The Accumulation/Distribution (A/D) line has ticked up slightly over the past month. It has not yet formed a clear uptrend.

Because of this, some traders are keeping a bearish bias. They may continue selling into price bounces until SOL clears its recent swing high.

A rally to $98 would need renewed buying demand. Until the $78.7 resistance is reclaimed, the broader downtrend structure stays intact.

Separately, Solana’s Resource and Inclusion Fee proposal cleared its first voting stage on August 4. The proposal aims to raise the daily SOL burn rate from 650 to 9,000, a 14x increase.

The proposal still needs to pass one more hurdle before final approval. If it goes through, it would mark one of the larger changes to Solana’s fee structure this year.

As of the most recent data, SOL continues to trade below the $78.7 resistance level that analysts are watching closely.

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