Solana Price News: SOL Nears $77 Resistance – Not Yet a “Buy” Despite Latest Recovery

Solana (SOL) has recovered strongly in the past few days, rising from a recent floor of $60 to $75, as market conditions have improved a bit.

The end of the war with Iran has eased investors’ concerns about prolonged inflation in the United States, driven primarily by higher energy prices.

The market expects the reopening of the Strait of Hormuz by Friday, and oil prices have already retreated below $80 as a result.

Top altcoins, including SOL, have performed positively in the past 7 days, with the latter delivering a 13% gain during that period.

That makes SOL the best-performing token in the top 5 in the past week. However, this altcoin has still taken heavy losses in 2026, booking a 40% retreat alongside Ethereum (ETH).

The market has favored Tron (TRX) and Hyperliquid (HYPE) primarily during this bearish cycle, as the latter have managed to outperform even Bitcoin (BTC).

Solana Nears Its $77 Resistance and Could Rise to $100 If It Breaks It

Is Solana ready to play catch-up and stage a strong comeback? This week will be critical for the token as it approaches a key resistance at $77.

Tomorrow, the Federal Reserve will convene to make its decision on interest rates for the U.S. economy, and the new Chairman of the central bank, Kevin Warsh, will be delivering his first presser.

Market participants will dissect his words to see if the Fed will adopt a hawkish stance for what remains of the year in light of a recent spike in prices across the country’s economy.

In contrast, if Warsh favors a dovish outlook despite these rising inflationary pressures, the market could rally past its key resistances and squeeze bears out of their positions to keep pushing through.

For Solana, breaking past $77 could set the stage for a retest of its 200-day exponential moving average (EMA) at $100, if market conditions are favorable.

The Relative Strength Index (RSI) in this daily time frame just came out of extreme oversold levels. At 50, there’s no confirmation yet that this latest downtrend is over.

We need the RSI to climb past 60 to confirm that bulls have taken over the price action and that momentum favors the beginning of a long-lasting uptrend.

Bears Are Still in Control of The Price Action Until Otherwise Confirmed

We recently shared a target of $50 for SOL based on the latest price action. That scenario involved a retest of the $77 former support from below. This is exactly what is happening right now.

Despite the latest change in the geopolitical landscape, we still want to stick to the price action to determine where SOL is heading next.

If we get a break above $77, that would invalidate our bearish thesis and set the stage for a strong move to $100 in the mid-term, as market conditions have shifted.

Our signals system just flashed its first “buy” in the 4-hour chart (the most relevant for day traders) in nearly a month, which indicates institutional participation in the move.

On the other hand, a strong rejection of that $77 price zone, confirmed by a bearish engulfing candle or other similar candle pattern, will tell us that the market is not ready to push SOL to higher levels.

Warsh’s speech should be the most relevant catalyst for this week’s price action. Hence, stay tuned for our next price predictions to see how SOL reacts to these developments.