Solana Price Volatility Amid Key Resistance Levels

Solana's price has been fluctuating in recent days, stuck between the $85 and $90 marks. Trading volumes have risen by 30% over the past month, with SOL prices briefly approaching $5 billion. However, on-chain transactions dropped by 20% from a recent peak, indicating weaker network activity.

The Relative Strength Index (RSI) is sitting at 54, suggesting positive momentum building but not yet breaking out. A break above $90 could push the price towards $120, a potential 30% gain. On the other hand, if selling pressure increases, SOL could fall to $85 or even $80.

Analyst Crypto Patel has highlighted a monthly bullish engulfing candle as the key signal to watch for a major rally. Past examples include Solana rising from $1.03 to $260 in 2020 and from $8 to $296 in 2022. If a similar candle appears this year, SOL could push towards $1,000 or more.