$SOL ‌ ‌#sol

Holding 98 Dollars After 103.14 Dollar Rejection

Solana is showing relative strength in a mixed market. SOL/USDT is trading at 98.00 dollars up 1.53 percent on the day while most majors are correcting. The 24 hour range is 103.14 dollars high and 94.79 dollars low with volume of 2.26M SOL and turnover of 223.67M dollars. SOLUSDT Perp is at 97.94 dollars up 1.64 percent, confirming that futures are supporting spot.

The 4 hour chart shows a powerful uptrend from August 17. The move started at 75.21 dollars and reached 103.14 dollars on August 24, representing a gain of more than 37 percent in seven days. After the spike to 103.14 dollars, SOL formed a double top with long upper wicks and pulled back to 94.79 dollars. The current price at 98.00 dollars is a recovery from that low and is sitting just below EMA5 at 98.57 dollars and just above EMA10 at 97.72 dollars. EMA30 at 93.64 dollars remains the main trend support and is more than 4 dollars below current price.

MFI is at 72.11, cooling from overbought levels above 85 seen at the peak. This indicates that money flow remains positive but the extreme buying pressure at the top has normalized. Performance remains exceptional with 1.77 percent today, 27.79 percent in 7 days and 30.40 percent in 30 days.

The reason SOL is holding better than other tokens is market rotation. While Bitcoin pulled back from 81,269 dollars and Ethereum consolidated, capital rotated into the SOL ecosystem. The pullback from 103.14 dollars to 94.79 dollars was driven by profit taking at the psychological 100 dollar level and liquidation of leveraged long positions after the vertical run. The fact that SOL bounced from 94.79 dollars with strong volume shows demand remains.

Key levels are clear. To the downside, 97.72 dollars EMA10 is the immediate support that must hold on a 4 hour close. Below that, 94.79 dollars is the critical intraday low. Loss of 94.79 dollars would open a move to EMA30 at 93.64 dollars. To the upside, reclaiming 98.57 dollars EMA5 opens 100 dollars again. A 4 hour close above 103.14 dollars would confirm continuation toward 105.93 dollars.

In summary, SOL is in a healthy consolidation after a 37 percent rally. As long as it holds above 97.72 dollars and 93.64 dollars, the structure remains bullish and the current 98 dollar level is a base for another attempt at 103.14 dollars.

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