Solana traded near $95 on Aug. 24 after a roughly 26% rally, but the 4-hour MACD line has crossed below its signal line. The bearish crossover suggests SOL may consolidate or retest support before it can challenge resistance at $97.68.
MACD crossover signals fading momentum
Solana (SOL) traded at $94.71 at press time on Aug. 24, consolidating after a rally from around $75. The token had broken above $78 on Aug. 19 and briefly touched $102.88 before sellers pushed it back toward $88.
Buyers defended the pullback and returned SOL to the $94.58 Fibonacci retracement level, where it consolidated at the time of the chart capture. But short-term momentum has started to weaken: the 4-hour MACD line fell to 2.59, below its signal line at 3.09, while the histogram dropped to minus 0.50.
Rally tied to regulatory and network catalysts
The advance coincided with the SEC's Aug. 18 proposal for a new framework called Regulation Crypto Assets, aimed at giving crypto companies clearer routes to raise capital under federal securities laws. Public comments remain open through Oct. 20.
Solana also opened voting on its first three formal governance proposals, running through epoch 1023 and expected to end around Aug. 27. SGP-0002 would double the network's annual disinflation rate from 15% to 30%, removing about 18.9 million SOL from scheduled emissions over six years. SolanaFloor estimated that a separate proposal, SGP-0003, could raise daily SOL burning from about 648 tokens to roughly 9,000, though the outcome depends on validator approval.
Liquidation clusters sit near $96
SOL must close decisively above the daily resistance zone between $97.68 and $98.44 to extend its recovery; the price tested the area during the rally but failed to hold above it. A confirmed breakout would bring $100 and the Aug. 22 wick at $102.88 back into view.
CoinGlass' 24-hour heatmap shows the largest concentration of leveraged positions near $96.20 to $96.40, with further liquidity between $97 and $99.50. Below the market, clusters sit around $93 and between $91.50 and $92 — levels a rejection below $94 could expose.
Source: crypto.news
Trading involves risk.
Risk Disclaimer
