Solana (SOL) has mounted a fresh rally, surging past the $90 and $92 thresholds against the U.S. dollar. The cryptocurrency now trades above $92, well positioned on its 100-hourly simple moving average, signaling renewed buyer conviction.
The move marks a decisive outperformance versus Bitcoin and Ethereum after SOL established a foothold above $88. It smashed through the $95 resistance to hit a local high of $96.85 before entering a consolidation phase. A bullish trend line now forms support at $92.20 on the hourly chart.
A minor pullback from the $96.85 peak tapped the 23.6% Fibonacci retracement level of the latest upswing from the $87.61 swing low. That shallow dip suggests sellers lack momentum, with bulls swiftly defending the $92 support zone.
The immediate hurdle sits near $96.50. Clearing that resistance could open the door to further gains, extending the short-term positive momentum that has lifted the token from its recent lows.
Some traders caution that the consolidation may persist if SOL fails to break decisively above $96, risking a retest of $92 support. Volume trends will be key to confirming the next directional move.