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Solana trades at $93, up 1%, and is knocking on the door of the $94 Supertrend that has defined the ceiling of this recovery since February. The session high of $94.35 marks the first time $SOL has tagged that level since the November 2025 breakdown. Whether it closes above it on the daily chart today is the only question that matters technically.
Daily Chart: Supertrend At $94 Is The Line In The Sand
The daily chart has been building toward this moment for three weeks. $SOL bottomed near $68 in early February, the SAR flipped bullish, and price has been grinding higher through the EMA stack ever since. The 20-day EMA at $87.62 and the 50-day at $94.16 are now both near or below the current price level, and the Supertrend at $94 sits right where price is trading.
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A daily close above $94 flips the Supertrend to bullish for the first time in months. That is not a minor technical event. Every recovery attempt since November has failed at or before this level. A confirmed close above it shifts the structure from recovery to trend reversal, with the 100-day EMA at $109.65 as the next meaningful target.
Key levels:
- Supertrend resistance: $94
- 50-day EMA: $94.16
- 100-day EMA target: $109.65
- 200-day EMA: $130.71
- Support on pullback: $87.62
1-Hour Chart: Rising Channel With RSI Holding Above 70
The 1-hour chart shows a clean ascending channel from the March 8 lows near $81, with both channel boundaries well-defined and price currently pressing against the upper boundary near $94. The SAR sits below at $91.91, having held as support through every hourly pullback since March 13.
RSI at 70.77 is sitting at the overbought threshold with the signal line at 68.86 just below. The RSI has been hovering in this zone for two sessions without breaking down, which historically on trending assets means momentum is sustaining rather than exhausting. A pullback to the channel midline near $91 to $92 would be a healthy reset, while a breakout above $94 with the channel upper boundary projecting toward $98 would be the continuation target.
Key 1-hour levels:
- SAR support: $91.91
- Channel midline: ~$91 to $92
- Upper channel boundary: ~$94 to $96
- Next target on breakout: $98 to $100
Derivatives: Volume Doubles As Shorts Get Cleaned Out
Volume more than doubled, rising 106.52% to $12.47B while open interest grew 9.97% to $5.71B. That is the cleanest derivatives signal $SOL has printed in weeks. Volume doubling while OI grows steadily means new longs are entering and holding, not just day traders flipping positions.
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Over 24 hours, shorts absorbed $18.10M in liquidations against $1.24M for longs. In the 4-hour window alone, $6.26M in short positions were forced closed against $190.96K for longs. The squeeze has been running for three consecutive sessions now, and with price at the Supertrend level where a lot of short positions would have been placed, another wave of forced covering is possible if the daily close comes in above $94.
On-Chain: The Numbers Back The Move
Solana’s TVL rose 3.20% to $7.18B in 24 hours, sitting at levels not seen since early 2026. DEX volume hit $2.18B, perps volume added $562.96M, and 1.96 million active addresses used the network in the past day.
Chain fees generated $601,926 with chain revenue at $65,380 and app fees at $5.44M, numbers that reflect a network being actively used rather than one running on speculation alone.
Outlook: Will Solana Go Up?
- Bullish case: $SOL closes the daily candle above $94, flipping the Supertrend bullish for the first time since November 2025. That opens the 100-day EMA at $109.65 as the next target, with $100 as the psychological level in between. The Mastercard partnership, strong on-chain metrics, and ETF institutional base all support the move extending.
- Bearish case: Price fails to close above $94 on the daily and reverses back through the 1-hour channel midline at $91 to $92. A drop below the SAR at $91.91 would be the first sign the Supertrend test has failed, exposing the $87.62 20-day EMA as the next support.
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