Solana (SOL) is showing early signs of a potential bullish reversal as a daily bullish divergence begins to form on the charts.
According to the crypto analyst curb.sol, as of Wednesday, March 11, this pattern typically suggests weakening selling pressure and strengthening momentum.
Although the token has struggled in recent sessions, improving technical indicators indicate buyers may slowly be regaining control of the market.
Source: curb.sol’s X Post
Traders are now closely watching the key resistance level around $90. A strong daily close above this threshold could confirm the bullish setup and trigger renewed upward momentum.
If that breakout occurs, analysts believe SOL could advance toward the $120 region, a significant technical target that may mark the next major recovery level.
Also Read: Solana Tests $83 Sell Wall as ETF Investors Hold Positions
According to TradingView, the RSI indicator for Solana is at 46.28, and it is indicating that the market sentiment is neutral.
The asset is still ranging between the overbought and oversold zones, and it is not indicating significant momentum. Since the RSI line is still higher than the 45.49 signal line, the asset is consolidating in a tight range.
Source: TradingView
The MACD is showing a bullish crossover, where the blue line is rising above the yellow line. However, it is still below zero, indicating that the overall recovery is not a strong one.
The small green bars in the histogram are indicating that there is no bearish pressure, but there is not enough buying activity to create a breakout from the low point.
The market capitalization of Real-World Assets (RWAs) traded on the Solana network has seen its capitalization grow nearly tenfold over the last year, indicating rapid growth in tokenized finance.
According to the Token Terminal, as of Monday, March 9, assets like tokenized funds, stocks, and commodities are showing rising activity as blockchain technology is no longer limited to only cryptocurrency markets but is venturing into traditional finance markets around the world.
This rapid increase is indicative of the rising traction in the tokenization of traditional assets. This is a segment of the industry that many experts predict is set to revolutionize global finance.
By allowing traditional assets to be tokenized and moved onto its blockchain, Solana is facilitating faster settlement and greater transparency for investors. As its use grows in popularity, RWAs are proving to be a notable trend to keep an eye on.
Also Read: Solana (SOL) Could Surge to $94 if Key Trendline Support Holds Strong
