Solana Price Rally Defies Gravity Despite Overbought Indicators

Solana's price rally continues to defy gravity, surging by over 5% in 24 hours to reach $106.71 at press time.

The catalyst behind this upward momentum is a recent governance vote that could reduce future Solana supply, as well as sustained spot ETF inflows supporting the altcoin's price action.

Looking at the weekly trend, SOL has been bullish after consolidating within the $67-$100 range, with an RSI of 60.37 indicating strong momentum without being pushed into overbought territory.

The daily momentum remains firmly bullish, with SOL breaking above the key $97.37 resistance level on August 24th and attempting to defend it as support.