Can Solana Bulls Sustain $90 Support Amid Looming Bearish Crossover?

On Wednesday, Solana’s price saw a decline as bullish momentum diminished near a key Fibonacci resistance level. Traders were also vigilant for possible indicators of a bearish MACD crossover on the daily chart.

According to crypto.news, Solana (SOL) was trading around $91 as of May 14, down from the week’s high of approximately $97.5. While the token has posted considerable gains from its April lows near $76, recent price actions suggest a potential softening of bullish momentum following several weeks of robust rally.

The recent bounce in Solana’s price was largely driven by a positive shift in sentiment across the broader crypto market, alongside rising optimism regarding the forthcoming Alpenglow upgrade and Firedancer validator improvements. Increased activity in Solana-centric decentralized finance protocols and memecoin trading also fueled demand for the token.

At the same time, derivatives sentiment significantly improved during the recent surge, with SOL futures open interest rising in conjunction with favorable funding rates, indicating bullish positions from leveraged traders.

Nonetheless, the latest pullback occurred after SOL faced resistance near a vital Fibonacci zone between the 0.786 retracement at $93.82 and the recent swing high of approximately $98.47.

On the daily chart, Solana remains above the significant 0.618 Fibonacci retracement support, located around $90.17, which is now a crucial short-term support level that bulls must protect to avoid a more substantial correction.

Despite the recent downturns, the overall structure retains a mildly bullish outlook as SOL continues to create higher lows since April, staying well above the major support zone between $76 and $82, where buyers previously stepped in aggressively during earlier downturns.

Nevertheless, momentum indicators suggest a decrease in bullish strength. The MACD histogram has begun to decline after a strong expansion earlier this month, with the MACD line approaching a bearish crossover with the signal line. This crossover usually indicates a slowdown in bullish momentum and can lead to short-term corrections if selling pressure rises.

Furthermore, the Relative Strength Index has started to pull back from the near-overbought area and is currently positioned within the neutral 55–58 range, suggesting that although bullish momentum is diminishing, it hasn’t completely reversed yet.

If Solana cannot maintain the crucial $90 support level, sellers may target the next significant support areas around $87.6 and $85, which also align with essential Fibonacci retracement levels and previous consolidation zones.

On the upside, bulls will likely need to reclaim the $94–$96 resistance zone to counter the short-term bearish sentiment and restore momentum towards the psychological $100 level. A successful breakout above $100 could open the path for a rise toward the $103 and $106 resistance zones in the near term.

For now, traders are focused on whether Solana can stabilize above the critical $90 support level while also keeping an eye on momentum indicators that are signaling potential warnings of a trend slowdown.