Solana Price Holds Above $100 as Momentum Fades

Solana's price has surged to above $100 after a significant rebound from its June lows near $60.66, marking a 45% gain for the month.

This recent breakout has pushed the momentum higher, but the rally now faces a crucial test: can Solana hold above $100 and break through the $115 resistance zone?

The institutional demand, strong network activity, and upcoming Solana upgrades contribute to the prevailing bullish backdrop. However, the MACD is signaling caution, indicating a drop in buying pressure and potential bearish crossover.

This divergence may be absorbed by the 'golden cross' if price continues to hold $100, paving the way for an extended ascending trend. The price sits around the 0.5 FIB level at $104.50, which may face another rejection to $100 or below.