Solana faced renewed selling pressure after failing to break through the important $92–$94 supply zone, a level that has repeatedly capped recent upward momentum.
According to the crypto analyst Crypto Woodyz, the rejection triggered a short-term pullback, signaling that sellers remain active near this range and preventing SOL from extending its latest bullish move in the market.
Following the rejection, SOL has started drifting lower toward a key technical level. Traders are closely monitoring the rising trendline support positioned around $82–$83, which has supported the asset’s recent recovery structure. This area is now considered a critical battleground where buyers may attempt to stabilize price action.
Also Read: Solana (SOL) Rebounds After Sharp Drop: Is a Rally to 1,000 Still Possible?
Solana Eyes $94 Breakout if Key Trendline Support Holds
If this trendline support holds, analysts predict that it will trigger a positive reaction for Solana, which will allow it to rebound from this area.
A strong reaction from buyers will revive bullish momentum, which will allow it another chance to test the resistance zone around $94, which is currently preventing it from breaking out in the short term.
Source: Crypto Woodyz X Post
However, a breakdown below the rising trendline would undermine the current bullish setup. The risk of a further decline would then be on the table.
The attention of the market would then be focused on the next demand zone located at $74 to $76, where the buyers have previously been able to step in.
Momentum indicators Point to Cautious optimism
According to TradingView, as of Saturday, March 7, the RSI is at 44.71. This places the indicator in a neutral zone with a slight bearish bias since the indicator is below the 50 midline.
The indicator rose from oversold levels in February but is now flattening out. This implies that the selling pressure experienced in the market has been halted, leading to a consolidation phase.
Source: TradingView
The MACD line appears to have exhausted bearish momentum, with the blue line now moving above the orange signal line. Although this is a positive sign for the market, the line still remains below the zero line, indicating that the recent movement is only a relief rally.
The size of the green histogram bars is small, which confirms that the buying volume is still not enough for the market to make a proper breakout.
Also Read: Solana (SOL) Pullback Hits Support Zone, Rebound Could Target $100
