Solana faced strong selling pressure near the $90 resistance zone on February 26, reversing from a confluence of technical levels: the round number $90, the upper daily Bollinger Band, and the 38.2% Fibonacci retracement of the decline that started in late January. The rejection at this multi-factor resistance confirms the bearish bias in the daily chart.
Resistance Confluence at $90
Since early February, Solana has been oscillating in a sideways range between $76.15 and $90.00. The $90 level not only acts as a psychological barrier but also aligns with the daily Bollinger upper band and the Fibonacci retracement. The long upper wick on the daily candlestick on Feb 26 indicates sellers are in control above $88.
Daily Downtrend Remains Intact
The price has been making lower highs since the late January peak. Moving averages (20-day and 50-day) are bearishly aligned, and the MACD remains below the zero line. Volume during the recent bounce was lackluster, suggesting limited buying interest.
$76.15 Support in Play
The $76.15 level served as reliable support throughout February, with multiple bounces. However, with the broader crypto market showing weakness (Bitcoin bounced from $63,350 but struggles near $70,000), Solana may retest this support. A break below $76.15 opens the door to $68 (January low).
Traders may consider short positions on rallies toward $88–$90 with a stop above $92. A bullish reversal would require a decisive close above $90 or a bullish divergence at $76 with strong volume.