Solana (SOL) Price: SOL Explodes Higher — Traders Are Now Watching This One Key Level

TLDR

• SOL surged over 7% in 24 hours, reaching a high of $97.67, with the broader crypto market up around 3.6%.
• Total value locked (TVL) on the Solana network rose 25% over the past month, signaling returning interest.
• SOL is trading above $92 and its 100-hour simple moving average, with a bullish trend line forming at $94.
• Key resistance levels sit at $98 and $100, with support at $92 and $88 if a pullback occurs.
• Solana has climbed more than 40% from its February low, with the RSI rising toward 60 from oversold levels.

Solana has posted a strong 24-hour gain, climbing over 7% to a high of $97.67 before pulling back slightly to consolidate near $95. The move comes as the broader crypto market also recovered, gaining around 3.6% over the same period.

At the time of writing, SOL is trading above $92 and above the 100-hour simple moving average. A bullish trend line has formed with support at $94 on the hourly chart, based on data from Kraken.

Resistance Levels in Focus

The token is now facing resistance near $95, with the next key level at $98. The $100 mark stands as the major test. A clean close above $100 could open the door toward $105 and potentially $112.

On the downside, if SOL fails to hold above $92, the next support is at $88. A drop below $88 could bring $82 into range.

The recent rally is partly tied to broader market recovery, but Solana has outperformed most other top-10 tokens over the same window.

Network Activity Supports the Move

Solana’s total value locked rose 25% over the past month. TVL measures how much liquidity is sitting inside a blockchain network, and a rise of this size points to growing activity on the platform.

Developer activity and decentralized application launches on the network have remained steady. These on-chain signals have helped fuel the current price momentum.

Solana has gained more than 40% since its February low. The Relative Strength Index has climbed back toward 60 after bouncing from oversold levels earlier in the year.

The price has been ranging between $80 support and $95 resistance in recent weeks, forming a consolidation pattern that traders often watch for breakout signals.

The 200-day moving average remains above current price levels, which indicates the longer-term trend has not fully turned.

SOL currently sits at approximately $94.62, with a market cap around $54 billion and a 52-week range of $70.61 to $252.78.

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