Solana retreated on Wednesday as buying momentum began fading near an important Fibonacci resistance area, while traders closely watched for a possible bearish MACD crossover on the daily timeframe.
Summary
Solana declined toward the $90 support area after getting rejected near the $94–$98 Fibonacci resistance zone.
The MACD on the daily chart is nearing a bearish crossover, hinting that bullish momentum may be weakening following SOL’s recent advance.
Market analysts are monitoring whether buyers can hold the $90 support level to avoid a larger drop toward the $87 and $85 areas.
Based on crypto.news market data, Solana (SOL) was trading around $91 at the time of writing on May 14, after retreating from this week’s peak near $97.5. Although the token remains significantly above its April low near $76, recent price movement indicates that the strong upward momentum from the past few weeks may be slowing down.
Solana’s rally in recent weeks was fueled by stronger sentiment across the crypto market, combined with optimism surrounding the network’s upcoming Alpenglow upgrade and Firedancer validator progress. Increased activity within Solana’s decentralized finance ecosystem and memecoin trading also contributed to rising demand for SOL.
Meanwhile, derivatives activity strengthened considerably during the rally, with SOL futures open interest increasing alongside positive funding rates, reflecting aggressive bullish positioning from leveraged traders.
However, the latest correction began after SOL failed to break through a major Fibonacci resistance region located between the 0.786 retracement level at $93.82 and the recent swing high around $98.47.
On the daily chart, Solana is still trading above the key 0.618 Fibonacci retracement support near $90.17. This level has now become an important short-term support area that bulls need to defend to prevent additional downside pressure.
Despite the recent rejection, the broader market structure still appears moderately positive, as SOL continues to form higher lows since April while staying comfortably above the crucial $76–$82 support zone where buyers previously entered strongly during earlier declines.
That said, momentum indicators are beginning to show signs of weakness. The MACD histogram has started shrinking after a strong expansion earlier this month, while the MACD line is gradually moving closer to a bearish crossover beneath the signal line. Historically, this type of crossover can signal slowing upside momentum and may lead to short-term pullbacks if selling pressure increases.
At the same time, the Relative Strength Index has eased from near-overbought conditions and is currently hovering around the neutral 55–58 range, suggesting that bullish momentum is cooling but has not completely reversed.
If Solana falls below the critical $90 support zone, sellers may attempt to drive the price toward the next major support areas around $87.6 and $85, which coincide with important Fibonacci retracement levels and previous consolidation zones.
On the upside, bulls would likely need to reclaim the $94–$96 resistance range to cancel the short-term bearish outlook and regain momentum toward the psychological $100 mark. A decisive move above $100 could then pave the way for further gains toward the $103 and $106 resistance levels.
For now, traders remain focused on whether Solana can maintain stability above the crucial $90 support region as technical indicators continue signaling the possibility of slowing momentum.
