Solana maintained critical support near $75, keeping hopes for a significant rebound alive as traders watched for a potential move above the $82 to $94 resistance range. Technical analysis showed that buyers need to reclaim this zone to confirm a shift in market sentiment after a recent recovery from June’s lows.
Solana seeks to confirm recovery with $120 as upside target
After briefly dipping below the range low, Solana rebounded and is now testing the lower boundary around $75.20. Sustaining this level could indicate that the previous breakdown was temporary and may set the stage for a broader recovery toward the $98 mark and a possible advance to $120 over the coming months.
The chart revealed that SOL fell into the $60 to $65 support area but rapidly reclaimed the range floor, a technical pattern sometimes viewed as a positive reversal signal. If this bullish deviation holds, a push toward the $85 to $88 region is possible. This area recently acted as resistance, where Solana’s price momentum slowed before.
Should SOL move past $88 and break out above the upper range near $98, analysts see the potential for a market structure shift. In that scenario, Solana could aim for the $118 to $128 price target, provided buying pressure remains intact.
However, the recovery depends on Solana holding above $75.20 on a daily closing basis. Falling below this level could invalidate the recovery and shift focus back toward supports at $70 and the June low in the $60 to $65 range.
| Price Level | Implication if broken |
|---|---|
| $98 | Potential for upside continuation to $118-$128 |
| $75.20 | Losing support shifts risk to $70 and $60-$65 zone |
| $62 | Major downside risk, opens $48 and $43 as next support |
Downside risks persist below resistance, bearish scenario not invalidated
Despite recent stabilization, Solana faces significant resistance between $82 and $94, an area where several Fibonacci retracement levels converge. The asset struggled to reclaim this cluster, signaling that buyers may lack the momentum needed for a full reversal.
With the broader market structure still bearish, technical observers noted that failing to move past $94 raises the likelihood of further declines. If Solana closes below $62, analysts warned this could trigger a stronger selloff, potentially marking the start of a third Elliott Wave—the portion of a price sequence often associated with the sharpest losses.
In this scenario, downside targets include $48 and $43 as crucial intermediate supports. Should selling pressure intensify and higher support levels fail to hold, a drop toward $32 may become possible. This risk remains active as long as the $82 to $94 resistance is not convincingly reclaimed.
The bearish outlook could begin to recede only if Solana consolidates above the resistance area and establishes a higher price floor.
Mini dictionary: Elliott Wave — A technical analysis theory that proposes markets move in repetitive cycles, often described as five upward (or downward) waves followed by three corrective waves. The third wave is typically the strongest in trending moves.
Buyers need to reclaim the $82 to $94 resistance range for Solana to confirm a true market recovery; otherwise, downside targets at $48, $43, and possibly $32 remain in focus.
