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- Solana (SOL) has rebounded above its 50-day EMA at $76.82 after a 4% rally.
- The increasing volume of futures trading and positive earnings indicate the growth of sentiment among retail investors.
- Solana ETFs have recorded two consecutive days of zero entries, indicating institutional volatility.
Solana (SOL) extended its recovery on Wednesday, rising above the 50-day Exponential Moving Average (EMA) after gaining nearly 4% in the previous session.
The rebound comes as a result of a shift in sentiment in the cryptocurrency market encouraging new participation, while institutional investors remain cautious despite the market’s highs.
Merchants return to Solana in the future
Recent data shows that investors are becoming more optimistic about Solana’s short-term outlook.
According to CoinGlassSOL’s open interest has remained stable at around $4.91 billion over the past 24 hours, indicating that traders are maintaining existing positions rather than exiting the market.
Meanwhile, futures sales jumped 15% to about $6.90 billion, reflecting strong market activity and continued expansion of the space.
In addition to the positive sentiment, Solana’s currency remains in a positive zone of about 0.0040%, which means that traders are willing to pay more to maintain long positions-a sign that the bullish sentiment is strengthening among traders.
Although business activities have progressed, the importance of organizations has not shown the same strength.
Data from SoSoValue shows this Solana Exchange-traded funds (ETFs) posted two consecutive quarters of sales with zero net income this week.
The lack of new ETFs suggests that traditional investors are taking a wait-and-see approach even with recent cryptocurrency prices.
This difference between commercial interest and institutional caution may affect the sustainability of Solana’s recovery.
Solana price analysis: $81.50 is still the most important level
From a technical perspective, Solana strengthened after retrieving its 50-day EMA at $76.82.
The indicator is also trading above the 50% Fibonacci retracement level at $76.92, tested from lows between $98.41 and $60.13, encouraging a short-term correction.
However, SOL continues to face significant resistance from the lows near $81.50, while the 200-day EMA at $94.52 remains a major long-term barrier.
A firm daily close above $81.50 would confirm the trend’s downside and could lead to resistance at $88.56 and the 200-day EMA at $94.52.
Technical indicators show that the growth rate is slowing. The Relative Strength Index (RSI) hovers around 54, indicating slight buying pressure without entering overbought territory.
Meanwhile, the Moving Average Convergence Divergence (MACD) is approaching a strong convergence near its signal line, indicating neutrality that could support the upside if buying continues.
If Solana faces new pressure to sell, traders can watch the following sectors:
- 50-day EMA: $76.82
- Previous high line: $68.88
- Discount: $60.13
A hold above the 50-day EMA would help sustain the current recovery, while a break below could signal SOL to return to lower support areas.
A note Solana retraces the 50-day EMA as bulls look for a breakout above $81.50 appeared for the first time CoinJournal.
