Can Solana price break $90 as key technicals turn bullish?

Solana price is approaching a critical technical setup as momentum indicators begin to flip positive, raising the possibility of a breakout above the $90 level, where bulls have struggled in recent weeks.

According to data from crypto.news, Solana (SOL) price was trading around $86.20 at press time on May 4, up roughly 2.3% over the past 24 hours. Over the past week, the token has continued to trade within a defined range between $80 and $92, extending a consolidation phase that has persisted since mid-April.

The broader structure still reflects recovery attempts following a steep correction earlier this year, with price stabilizing after repeatedly defending the $78–$80 demand zone.

When consolidation forms just below a resistance band, it often signals accumulation, especially if momentum indicators begin to turn upward.

Recent price action suggests that buying pressure is gradually returning. Unlike earlier weeks, where rallies were sold into quickly, dips toward the lower end of the range are now being absorbed more aggressively, indicating stronger demand at support.

Derivatives data also points to improving sentiment. Open interest in Solana futures has started to climb again after a period of decline, while funding rates have turned slightly positive, suggesting traders are beginning to position for upside.

On-chain activity has shown early signs of stabilization as well. While decentralized exchange volumes remain below peak levels seen in February, the pace of decline has slowed, and daily active addresses have held steady, indicating that network usage is no longer deteriorating at the same rate.

At the same time, broader market conditions have become more supportive, with Bitcoin holding above key psychological levels and helping stabilize risk appetite across altcoins.

Solana price analysis

The daily chart shows Solana continuing to trade within a narrow consolidation range just above a well-defined support zone near $75, which has held firmly since late March. Solana price has repeatedly tested this level, forming a short-term base, but upside attempts have lacked strong follow-through.

Currently, Solana is trading around the $84–$86 region, where multiple moving averages are converging. The 20-day, 50-day, and 100-day SMAs are tightly clustered, indicating compression in price action and a potential buildup for a directional move.

However, the broader trend remains cautious. Price is still trading below the 200-day SMA (around $116), which continues to slope downward, reinforcing that the higher timeframe structure has not yet flipped bullish.

Momentum indicators reflect indecision rather than strength. The MACD is hovering near the neutral line, with both the signal and MACD lines flattening and the histogram printing small bars. This suggests weakening momentum and a lack of clear directional bias.

Importantly, there is no confirmed bullish crossover yet on the key moving averages. While shorter-term averages are attempting to turn upward, they have not decisively crossed in a way that signals a strong trend reversal.

On the upside, immediate resistance sits near $88–$90, which aligns with recent rejection zones and the upper boundary of the current range. A clean daily close above this region would be required to confirm a breakout, potentially opening the door toward $95–$100.

On the downside, failure to hold the current range could bring another test of the $75 support zone. A breakdown below this level would invalidate the base structure and could trigger a sharper move lower.

For now, Solana remains range-bound with neutral momentum, and while early signs of stabilization are visible, a confirmed breakout above $90 is still needed before calling a sustained bullish shift.