Solana has seen a strong increase of almost 5% in the last 24 hours, bringing its price close to $20 and extending its weekly gains to 10%. However, the cryptocurrency has exhibited a bearish market structure on the daily chart and the Relative Strength Index (RSI) remains below the neutral 50, indicating bearish momentum.

Holding the line at the 78.6% retracement level of $16.94 is crucial for the bulls, with a potential buying opportunity if this level is tested. Despite the recent rally, caution is advised as every rally in the last few weeks has resulted in a lower high, and the impending liquidation of a substantial Solana reserve held by FTX may have a short-term impact on its trajectory.