Solana Price Pulls Back Towards Key Support Level

Solana's price has been experiencing a pullback after facing rejection near the $94–$98 Fibonacci resistance region. This move has weakened bullish momentum, with the MACD indicator approaching a bearish crossover on the daily chart.

The current price of Solana is around $91, which is still up sharply from its April lows near $76. However, recent price action suggests that bullish momentum may be starting to cool after the strong multi-week rally.

The token's rebound over the past several weeks was largely driven by improving sentiment across the broader crypto market alongside growing optimism surrounding the network's upcoming Alpenglow upgrade and Firedancer validator developments. Renewed activity across Solana-based decentralized finance protocols and memecoin trading also helped support demand for the token.

The daily chart shows that Solana continues to trade above the important 0.618 Fibonacci retracement support near $90.17, which now acts as the key short-term support level bulls must defend to prevent a deeper correction.