Solana Eyes $100 Rally as Technical Signals Turn Bullish

Solana (SOL) has seen its price rise by 5.89% in the past week, but the cryptocurrency remains in a long-term downtrend, with a 57% drop over the past year.

Despite this, technical indicators suggest that SOL could be due for a rally to $100 if it breaks above the $78.7 resistance level. The TD Sequential buy signal and MACD golden cross are two such indicators that point towards a potential price surge.

A proposal to increase the daily SOL burn rate by 14 times is also progressing, which could further impact price dynamics. However, volume indicators still show seller dominance, so cautious investors may want to wait for confirmation before betting on a sustained uptrend.