Solana Jumps 6% and Tests Key $94 Resistance Despite VIX Surge
SOL price significantly advances this Monday, March 16, crossing the $93 threshold after a steady rise from $81 since March 9. This push occurs as volatility in the stock markets significantly increases, with the VIX gaining more than 12% on the day.
Market Performance and Technical Resistance
Solana is trading around $93.02 this Monday afternoon, up 6.05% from the previous day ($87.71). The token reached a session high of $95.13, very close to its technical resistance at $94.05, before slightly receding. Over the past week, SOL has shown a notable recovery trajectory: starting from $81.60 on March 9, it has progressed almost continuously, with an acceleration on Thursday, March 13 (closing at $88.18 on a volume of nearly 4.94 million units) and then on Sunday, March 15 (closing at $92.30). The volume in the last 24 hours reaches about 4.92 million units, a level comparable to Thursday's peak and significantly higher than the average for the week. This bullish movement occurs in a more nervous market environment. The VIX index stands at 27.29, up 12.63% from the previous session (24.23), signaling a resurgence of risk aversion in the stock markets. The disconnection between this rise in volatility and the progress of SOL is noteworthy, although no causal link can be established at this stage. The token remains 68.56% below its all-time high of $253.51.
Technical Analysis and Indicators
Technically, Solana's price has broken above its 50-day moving average, now at $90.86. This crossover is a signal closely monitored by technical analysts, especially since the 50-day moving average had been declining steadily for several weeks (it was still at $95.74 on March 9). However, the price remains well below the 200-day moving average ($149.54), which puts this crossing into perspective in a longer-term outlook. The RSI is at 57.30, in a neutral zone, after having touched 65.81 on Sunday. This pullback in the momentum indicator, even as the price progresses, suggests that the bullish momentum is losing intensity as it approaches the major technical resistance at $94.05. The day's high at $95.13 briefly exceeded this threshold before the price fell below it. The identified support is at $75.63, a level that has not been tested for several weeks. The ATR (Average True Range) stands at 5.44, slightly up from 5.00 the previous day, indicating a moderate widening of daily movement amplitude.
