Solana has once again taken center stage in the crypto markets, declining by about 1.82 percent in the last 24 hours and trading around $70.67. While maintaining support above the $70 mark signals that buyers remain active in the short term, analysts caution that a clear trend reversal has yet to be confirmed.
The downward trendline emerges as a make-or-break threshold
Charts shared by analysts show SOL testing its persistent downward trendline following a long correction phase. Technically, the crucial zone lies between $72 and $75. Reclaiming this range could set $80 as the next major target for the bulls.
A convincing breakout above the descending trendline could offer solid confirmation for SOL’s short-term outlook, while surpassing the $80 level might revive talk of testing the $90 region.
Conversely, a fresh rejection at the trendline raises the probability of SOL retreating to the $65–$68 range. As such, the current recovery attempt is still viewed with caution from a technical perspective.
Eyes on $80: Breaking it could open the path toward $90 and $95
In the current market climate, the $80 level is considered the first significant upward threshold. Overcoming this barrier would suggest the recent market bounce is more than a fleeting relief rally. Should this scenario play out, traders will eye the $90 region, with $95 emerging as a subsequent recovery milestone.
A similar pattern is evident at daily closes. Analysts note that the bullish outlook remains unconfirmed until SOL closes a daily candle above the descending trendline. Cautious sentiment is further supported by the weekly MACD indicator, which has yet to display a definitive bullish crossover.
Tokenized equity volume on Solana draws attention
Beyond the price chart, Solana’s on-chain metrics are strengthening the network’s narrative. In a notable development, the daily trading volume of tokenized equities on the platform soared to $553 million. This indicates that Solana’s network activity now extends well beyond crypto trading and meme coin speculation.
Glossary: A tokenized share is a digital representation of a traditional company stock on the blockchain. This enables price tracking and on-chain trading similar to conventional equities via specific platforms.
Liquidity data highlights the critical importance of the current price area for SOL. Prominent liquidity clusters are visible near $90 above and $50 below. If SOL can maintain footing above $70 and break through the $75–$80 band, the market may see an attempt to reach $90. Conversely, losing the $70 support could put the $65 to $60 range back on the table.
Falling wedge pattern dominates the long-term structure
On a broader time horizon, SOL is seen consolidating within a large falling wedge formation. If it can break out of this structure, the long-term theoretical target could stretch as far as $233.23. However, analysts emphasize this is not a short-term expectation; major resistance levels at $80, $95, and subsequently above $100 must be overcome first.
For now, the outlook remains cautiously positive as long as SOL holds above $70. Yet, the decisive requirement for a sustained bullish move is a clear break through $80—an essential signal for market participants watching the next key level.
