Solana Holds Near $95 Amid Bullish Indicators but MACD Turns Bearish

Solana (SOL) traded around $94.71 on August 24, maintaining a position near $95 after a 26% rally that began in mid‑August. The advance was fueled by a mix of regulatory optimism, record‑high tokenized real‑world asset (RWA) values on the network, and the launch of formal governance voting.

Key price levels and technical outlook

On the 4‑hour chart, SOL broke above the former $78 resistance, reached a high of $102.88, and then settled between $97.68 and $98.44, where daily resistance now sits. The nearest support is at $94.58, with additional zones at $92.50‑$93.25, $88.06, $83.49 and $78.91.

Technical indicators show mixed signals: SOL remains above its 20‑, 50‑, 100‑ and 200‑day moving averages, the Aroon Up is at 85.71% versus Aroon Down at 42.86%, and the ADX reads 71.50, indicating strong trend strength. However, the 4‑hour MACD line (2.59) fell below its signal line (3.09), and the histogram turned negative, suggesting short‑term momentum weakening.

Fundamental catalysts

The rally coincided with the U.S. SEC’s August 18 proposal for a “Regulation Crypto Assets” framework, which aims to clarify how crypto companies can raise capital under federal securities law. While not Solana‑specific, the proposal reduced regulatory uncertainty for blockchain networks.

Solana also opened voting on its first three formal governance proposals (SGP‑0001, SGP‑0002, SGP‑0003), with voting open through epoch 1023 (expected to end Aug. 27). SGP‑0002 would double the annual disinflation rate from 15% to 30%, potentially removing about 18.9 million SOL from future emissions. SGP‑0003 proposes a new fee structure that could raise daily SOL burning from roughly 648 tokens to about 9,000, depending on validator approval.

Tokenized real‑world assets on Solana surpassed $4 billion for the first time, and the number of RWA holders reached approximately 348,489, providing additional demand support.

Liquidity and liquidation clusters

CoinGlass’ 24‑hour liquidation heatmap shows the largest concentration of leveraged positions near $96.20‑$96.40. A move above $96 could trigger short‑covering, aiding a retest of the $97.68‑$98.44 resistance zone. Below $94, liquidation clusters appear around $93 and $91.50‑$92, which could accelerate a decline if price breaks lower support.

Outlook

Analyst Haris identifies $98‑$102 as the next resistance area, with a break below $85 potentially weakening the bullish setup. A daily close above $98.44 would reinforce a move toward $102.88, while a close below $88.06 could signal a reversal of the rally.