Solana maintained a price near $105 on Tuesday, September 8, according to CoinGecko data, holding above the psychologically important $100 level after a volatile start to the month. The four-hour trading chart shows SOL closing at $103.77 on September 7, with traders watching for a breakout test in the $115–$116 range as short-term volatility continues.
Traders monitor key levels as SOL compresses near $105
Solana is currently trading within a tightening technical pattern on the four-hour chart, with rising support converging toward descending resistance near current levels. This setup follows a recovery from lows seen in early September. Market analyst SatoshiOwl stated that this price compression could initially resolve to the upside, targeting the $115–$116 area.
The technical chart reveals SOL hovering near $105.67, with resistance traced back to late August’s high at around $110. The upward trendline anchors from a rebound around $97–$98, creating a focal point for potential price action.
A decisive move above the descending line would be the first technical signal confirming a bullish breakout. To solidify this move, Solana must surpass the $107–$108 area, which is seen as local resistance, before any rally toward $115–$116 can be confidently anticipated.
Despite the bullish setup, SatoshiOwl warned that the projected upward move comes with significant risks. According to his scenario, after peaking near $116, SOL may see a sharp reversal sending prices quickly back toward the mid-$80s. The analyst remains optimistic for a short-term rally, but cautioned that excessive enthusiasm at higher levels could leave traders vulnerable to a sudden downturn.
“The path looks bullish in the short term, but if optimism runs too high near $116, downside risk sharply increases,” SatoshiOwl indicated.
A decline below the rising support line or a drop under recent lows around $103–$104 would likely undermine the breakout narrative. Falling beneath the $100 threshold would further weaken the bullish outlook for Solana in the near term.
Long-term chart highlights $148 and $248 resistance zones
A separate long-term analysis by Celal Kucuker, a crypto trader and chartist, presents an even more bullish prospect for Solana. His chart identifies the key support zone at $70.72 as the foundation for a potential major recovery, outlining a rounded price formation that could eventually challenge much higher resistance if upward momentum continues.
On the seven-day Binance chart, Solana has rebounded from the $70.72 support and is pushing away from a descending trendline. However, the next crucial test awaits at $148.16, which must be cleared for the recovery structure to strengthen. Should that happen, the focus would shift to the higher resistance area at $248.63.
Kucuker predicted the possibility of SOL reaching $300 and making a new all-time high if these major hurdles are overcome. His extended target scenario, illustrated within the chart, shows a potential move toward approximately $989.60—yet such outcomes hinge on clearing the closer resistance levels first.
Charts suggest $1,000 is a long-term target, but Solana first needs breakouts above $148 and $248,” Kucuker explained in reference to the ongoing recovery structure.
For now, analysts are watching both short-term and long-term timeframes. Immediate focus remains around the $107–$108 and $115–$116 levels. Without a clear breakout, more ambitious targets will remain out of reach and Solana’s current trend will be dictated by technical support and resistance milestones.
