Solana Price Bounces off Accumulation Bottom Setup
Solana (SOL) is showing early signs of a broader recovery as it forms an accumulation bottom, according to Trader Bluntz. A weekly bullish RSI divergence strengthens the case that SOL may be forming a durable floor despite its recent decline.
The weekly chart shows SOL trading near $76.63 within a range that has contained price between the mid-$60s and the area just below $100. The relative strength index (RSI) has recovered to about 41, moving away from the oversold region near 30 and adding weight to the divergence.
The main bullish signal is the RSI divergence between price and momentum. SOL recently formed a lower price low, while the weekly RSI produced a higher low. This pattern suggests bearish momentum weakened even as price remained under pressure.
On the daily chart, Solana broke above a descending trendline that had capped price since May. The moving average convergence divergence (MACD) momentum is turning bullish, supporting the case for a move toward higher resistance if buyers can hold the key $75 level.