Solana's token is trading at $101.46, up 7% in the last session, but the rally is getting crowded. The relative strength index sits at 87.68 — a reading that typically marks an overbought condition — and chart patterns now point to a near-term dip to $95–$99 before the next attempt at $109.
The overbought signal
An RSI above 70 is often enough to make traders cautious. At 87.68, SOL is well beyond that threshold. The last time the token moved this hard this fast, the push didn't last. Sellers are starting to step in, and the momentum that carried price up from recent lows is showing signs of fatigue.
That's not a prediction of a crash — just a correction. The data points to a pullback to the $95–$99 zone, where buyers might find a better entry. If that level holds, the next leg could target $109, a price point that's been a resistance area in the past.
What's behind the falling open interest
Open interest on Solana's derivatives dropped 6.86% in the same period. That's a meaningful change, and it usually signals that traders are closing out positions rather than opening new ones. When a price spike coincides with shrinking open interest, it often means the move is being driven by short-term leverage that's unwinding — not fresh conviction.
The taker sell pressure also remains dominant. Even as price moved up, the flow of orders hitting the books from sellers outpaced the ones from buyers. That's a gap that tends to close, and it often closes with a price retreat.
What the chart says next
The setup isn't a clean reversal. The prediction of $95–$99 as a support zone is based on where buyers have stepped in during the most recent rally. If that range holds, the path to $109 stays open. A break below that zone would likely change the picture entirely, but the base case for now is a dip and then another push.
For traders, the question is whether to wait for the pullback or ride the current wave. The high RSI and the open interest drop both argue for patience. The price is still above $100, and the momentum is real — but the risk of a sudden reversion has grown noticeably.
