Solana Price Faces Challenge After Breaking Above $100
The Solana price has broken above $100 but is now facing the challenge of holding its ground without a significant pullback. On September 3, it closed at $101.02, hovering just above the psychological threshold it had breached in late August.
Although momentum readings are diverging, the overall market structure remains constructive. The daily RSI reading of 64.24 suggests that SOL is still bullish without being overbought, while the MACD histogram turned slightly negative at -0.13, hinting at cooling momentum.
The Fear & Greed Index currently sits at 65 in 'Greed' territory, which could be a warning sign for traders, as elevated greed readings during cooling momentum can lead to sharp unwinds if a catalyst turns negative.
On-chain DEX activity on Solana has been growing, with PumpSwap fees up 39.68% over the past 30 days and Orca DEX posting a 70.75% increase in the same period. However, not all venues are thriving equally, as HumidiFi's fees collapsed by 100% over 30 days.