$100 Rejection Deals Blow to Solana's Bullish Momentum

Solana's attempt to break above $100 has failed for now. After briefly trading above $102, SOL retreated back to around $97. Despite this setback, it would be premature to declare the end of the bullish recovery.

The asset has already increased by about 27% over the last 30 days and 26% over the last seven. It managed to overcome several significant technical obstacles as a result of the rally, including its long-term moving average at $89.50. This is still considered one of the move's most notable accomplishments.

However, the rejection at $100 reveals some immediate concerns. The RSI is currently very high, indicating that momentum has entered overbought territory. Some profit-taking and deleveraging should not be surprising after such a quick expansion from the mid-$70s.