Solana Trades at $112.96 as $116 Resistance Keeps Downside in Focus

Solana (SOL) traded at $112.96 at 3:47 a.m. ET (07:47 UTC) Oct. 12, up 2.99% over 24 hours in the market snapshot, but remained below resistance at $114.49 and $116.03.

The token also traded below its 20-day simple moving average at $117.15. A daily close above $116.03, followed by a move above $117.15, would weaken the current bearish setup. Failure to reclaim that area would keep support at $110.33 and $107.71 in focus, while $106 and $95 remain conditional downside scenarios rather than confirmed targets.

SOL was positioned between its 50-day average at $109.27 and its 20-day average. Its 200-day average stood at $86.98, leaving the immediate weakness within a higher long-term moving-average structure.

The daily relative strength index was 49.82. The MACD and signal line were both 0.9659, with a histogram reading of 0.0000. Bollinger Bands ranged from $108.69 to $125.60, with a middle band at $117.15.

Derivatives positioning remained tilted long. Open interest was listed at $933.9 million, down 0.61% over 24 hours, while the eight-hour funding rate was 0.0100%. Open interest declined as SOL rose, a combination that may indicate short covering.

At 3 a.m. ET (07:00 UTC), 69.7% of accounts were long and 30.3% were short. Among top traders, 72.3% were long and 27.7% were short.

Sjuul, posting as AltCryptoGems, wrote Oct. 8: “$SOL is a bit in trouble locally, since it lost a key support level of $116. Either bulls step in here and elevate back above it, or we might get a deeper correction into $106.”

SOL previously traded below $120, with support near $116.54. Earlier technical coverage placed support near $116.54.