Solana price pulls back from this week’s local high near $97.5. On Wednesday, bullish momentum weakened near a key Fibonacci resistance zone.
According to TradingView, Solana (SOL) traded near $90 at press time on May 14. The token remain up sharply from its April lows near $76. However, recent price action suggests the multi‑week rally may be cooling off.
Why Solana price pulls back near Fibonacci resistance
The rebound over the past several weeks came from improving sentiment across the broader crypto market. In addition, growing optimism surrounded the network’s upcoming Alpenglow upgrade and Firedancer validator developments. Renewed activity on Solana‑based DeFi protocols and memecoin trading also helped support demand.
Derivatives sentiment strengthened notably during the rally. SOL futures open interest climbed alongside positive funding rates. That signaled aggressive bullish positioning from leveraged traders.
Nevertheless, the latest pullback emerged after SOL faced rejection near the key Fibonacci resistance zone. That zone sits between the 0.786 retracement at $93.82 and the recent swing high near $98.47.
Technical levels to watch
On the daily chart, Solana continues trading above the important 0.618 Fibonacci retracement support near $90.17. This now acts as the key short‑term support level. Bulls must defend it to prevent a deeper correction.
Despite the recent rejection, the broader structure remains moderately constructive. SOL continues forming higher lows since April. It also holds well above the major support region between $76 and $82. Buyers stepped in aggressively there during earlier sell‑offs.
Momentum indicators flash warning signs
Momentum indicators suggest bullish strength may be weakening. The MACD histogram has started declining after a strong expansion phase earlier this month. Moreover, the MACD line itself appears to be gradually approaching a bearish crossover with the signal line. Such a crossover often indicates slowing upside momentum. It can precede short‑term corrective phases if selling pressure accelerates.
Meanwhile, the Relative Strength Index (RSI) has started cooling from near‑overbought territory. It currently sits around the neutral 55–58 range. This suggests bullish momentum is fading but has not yet fully reversed.
What comes next for Solana?
If Solana loses the key $90 support level, sellers could push the token toward the next major support zones near$ 87.6 and $85. Both align with important Fibonacci retracement levels and previous consolidation regions.
On the upside, bulls would likely need to reclaim the $94–$96 resistance area. That would invalidate the short‑term bearish setup and restore momentum toward the psychological $100 level. A successful breakout above $100 could open the door for a move toward $103 and $106 resistance zones.
For now, traders remain focused on whether Solana can stabilize above $90. Momentum indicators continue flashing early warning signs of a possible trend slowdown.