$SOL Lack of momentum in Solana delays trendline breakout

Solana hovers below a six-month resistance trendline retraced from the close of January 18 and the highs of May 22 and June 11. At the time of writing, SOL edges higher by nearly 0.50% following the 1.96% pullback on Monday.

As Solana hovers close to the overhead trendline, it floats above the 23.6% Fibonacci retracement level at $142, drawn from the $295 all-time high on January 19 to the $95 low on April 7. A potential daily close above the trendline at $151 could ignite a trend reversal in Solana.

Still, a decisive push above the Supertrend indicator line and the 200-day Exponential Moving Average, which are near $159, could provide a stronger trend reversal sign. In such a case, the 50% Fibonacci level at $195 could be the immediate price target.

The Moving Average Convergence/Divergence (MACD) indicator shows the MACD and signal line close to crossing above the zero line. However, the declining histogram bars suggest a crossover risk, a sell signal.

The Relative Strength Index (RSI) is hovering near the midpoint of 50, indicating indecision among investors.

If Solana closes below the 23.6% Fibonacci level at $142, it could decline closer to the $100 psychological support level.

SOL/USDT daily price chart.