Solana Breakout Eyes $80 as Weekly Divergence Confirms Accumulation Bottom
Solana's price action is gaining momentum after weeks of consolidation, forming a potential accumulation bottom supported by a weekly bullish RSI divergence. The technical picture has improved to the point where $80 and $85 are seen as near-term upside targets, assuming buyers can hold above the key $75 level.
The weekly Relative Strength Index (RSI) shows a notable bullish divergence, with Solana's price recording a lower low while the RSI forms a higher low. This divergence often suggests that downside momentum has weakened despite continued pressure on the price. The RSI's recovery from near-oversold territory to approximately 41 further reinforces the idea that negative sentiment may be waning.
On the daily chart, Solana has broken out above a descending trendline that had suppressed price since May. Analyst BATMAN highlighted the importance of the $75 level, emphasizing it as a pivotal area for the current breakout. SOL is currently trading just above $76, surpassing the trendline connecting the May high to subsequent lower highs.