Overview
- Solana has climbed back above the $80 level and traded near $81, recovering nearly 10% in the most recent session after breaking a descending trendline.
- Network signals supporting the move include activation of the Governance Proposal (SGP) framework and an all-time monthly high of about 3.77 billion non-vote transactions.
- Technical indicators show bullish momentum with a MACD crossover and Chaikin Money Flow above zero and identify intermediate resistance near $83.8 and a target band around $89–$90.
- Derivatives heatmaps from CoinGlass show dense short positions clustered between $82–$84 and near $89, a setup that could amplify upside through short liquidations or worsen losses if the rally fails.
- The rally still faces clear risks because a drop below the reclaimed $79–$80 area would expose support at roughly $74.8 and $68.4, and macro and regulatory pressures or erratic ETF flows could quickly reduce buying interest.