Solana Stuck Below Key Resistance as Traders Await Breakout

Solana's SOL token remained near $121 on October 5, stuck in a tight trading range between $120 and $122.29. The token is stuck beneath a key resistance zone at $122.49 to $123.53, which has repeatedly blocked upward moves. While major moving averages suggest structural strength, momentum indicators show mixed signals, leaving traders uncertain about the next major move.

Technical indicators present a split view. The MACD histogram has flattened, indicating the end of a recent bullish run. The relative strength index stands at 65.58, while the Stochastic oscillator hints at a short-term uptick. Support levels are identified at $120.20 and $118.95, with a break below the latter confirming a downside move.

Derivatives data shows a bullish stance among traders, with 64.3% net long positions on Binance Futures. However, declining open interest and neutral funding rates suggest caution. Analyst Rebeca Moen outlines two scenarios: a 55% chance of a bullish breakout targeting $128 to $130, and a 45% chance of a pullback to $116.31 or lower.

Meanwhile, Cardano's ADA surged 11% to trade above $0.27, its strongest daily gain since September 18. The rally lacks a clear catalyst but may be linked to recent RealFi initiatives and institutional partnerships. However, on-chain data shows declining DEX volume, suggesting the price move was driven by centralized exchanges rather than native usage.