SOL Attempts Rebound After Holding Key Support as Traders Eye $90 to $95 Resistance

Key Insights:

• Solana rebounded after holding key support, now aiming for $90–$95 resistance.
• The token transaction activity hits all-time highs, outpacing Ethereum and others.
• Analysts watch if SOL breaks through resistance for a potential trend reversal.

Solana has been facing a prolonged downtrend for weeks, with the price steadily making lower highs and lower lows. Despite this, the cryptocurrency has recently shown signs of a small rebound after holding a key support level.

Solana’s Price Movement and Key Support Levels

Solana’s price has been declining for a significant period, leaving many investors uncertain about its future. However, after touching a crucial support zone, the asset has begun to make a slight recovery. The cryptocurrency price is trading at $86.01 with a 24-hour trading volume of $3,348,999,725. The token has incrised 0.80% in the last 24 hours. 

Market analyst BitGuru is closely watching the price attempt to reclaim resistance levels around $90 to $95. This range has become an important area of focus for traders and investors looking for signs of a trend reversal.

Despite the ongoing downtrend, Solana’s recent price behavior suggests that the support level has been holding strong. If the token manages to break through the $90–$95 range, it could signal a more sustained recovery.

Solana’s Transaction Activity Reaches New Heights

Solana has recently seen a significant increase in its transaction activity, reaching an all-time high. According to data from Shah, the token’s transaction volume has surged by 4 times compared to when the price was at $295. This increase in activity has made the token one of the most active blockchains, with transaction levels surpassing even Ethereum and other leading networks.

The strong growth in transaction volume is seen as a positive sign for the network’s future, even though the price of SOL remains under $100. This discrepancy between price and transaction activity has left many traders and investors questioning how the market is valuing the token.

Many believe that breaking the 90 to 95 level could lead to further price increases. Analysts are divided on whether the rebound will be short-lived or if it will lead to a more significant rally. Breaking through the resistance levels could signal a more bullish trend, while a failure to do so might lead to continued consolidation or further declines.