Solana surged past the $88 barrier that capped previous rallies, reaching near $99 and drawing renewed focus to whether buyers can solidify this level as a foundation for the next move upward. Analysts suggest that a successful retest of the $88-$90 zone may set up further gains toward $120-$124 in the near term, but significant resistance remains directly overhead.
Key resistance at $98 and bullish Elliott Wave structure
Solana is currently testing major resistance close to $98 after rebounding sharply from midyear lows. According to More Crypto Online, an independent technical analyst, both an immediate bullish breakout and a more drawn-out correction are in play on the long-term Elliott Wave chart. The critical price reaction near this resistance zone is expected to influence whether SOL continues climbing through higher Fibonacci retracement levels or revisits lower support before resuming a broad advance.
The chart positions SOL within striking distance of $97.90, directly beneath a range that has repeatedly limited upside moves. A confirmed daily close above this area would strengthen the case that Solana has started a larger impulsive rally, rather than undergoing another brief recovery within an extended correction.
Several Fibonacci retracement levels line up above current prices. Key resistance sits at $110.16 near the 38.2% level, followed by $132.93 at the 50% mark, $160.42 at 61.8%, and a higher area at $209.63, which represents 78.6%. These figures identify potential future hurdles for bulls—but not fixed price targets.
| Level | Price | Type |
|---|---|---|
| Immediate resistance | $98 | Horizontal |
| Fibonacci resistance 1 | $110.16 | 38.2% |
| Fibonacci resistance 2 | $132.93 | 50% |
| Fibonacci resistance 3 | $160.42 | 61.8% |
| Fibonacci resistance 4 | $209.63 | 78.6% |
| Main support | $62.43 | Historical |
| Lower support zone | $48.79–$43.22 | Fibonacci |
More Crypto Online’s chart includes an ‘orange’ Elliott Wave count which signals a directly bullish scenario. This setup suggests the rally could unfold as a larger five-wave advance, leading to substantially higher prices if confirmed. The analyst identified a long-term bull market target between $430 and $780 for SOL, though stressed this is a distant objective and not validated at current price levels.
The possibility of further correction is acknowledged as well. Strong support rests at $62.43, with additional buyers likely to appear between $48.79 and $43.22. If SOL fails to hold above $98, the risk increases for another downward move to these lower regions before a sustained bullish sequence resumes.
A decisive breakout and daily close above $98 would put Solana on track to challenge $110, then potentially $133, while a failure at this level could see the correction deepen. Although both bullish and corrective Elliott Wave scenarios point to higher targets ahead, the route Solana takes remains uncertain, with near-term volatility likely.
Breakout above $88 puts $120 in focus
On longer-term charts, the breakout above $88 shifts attention to higher resistance levels but also illustrates the hurdles that remain for Solana’s ongoing rally. The first major Fibonacci resistance appears at $110.16, just before an objective price zone of $120-$124 that several analysts and traders are watching. Should buyers propel SOL above $110, additional resistance is identified at $132.93 and then $160.42, providing a sequence of technical milestones if the uptrend continues.
The convergence of short- and long-term analysis keeps $120-$124 as a near-term target if the $88–$90 area now acts as support. Beyond that, the $133 level at the 50% Fibonacci retracement provides the next notable hurdle.
The larger Elliott Wave count from More Crypto Online places the first major bull-market target at $430 to $780, using a wave structure maintained since June. However, the likelihood of reaching these figures will depend on how Solana performs at each resistance level outlined above.
On the downside, analysts mark support at $62.43, with a further area for potential buying between $48.79 and $43.22. Any breakdown below the recent breakout zone would suggest a prolonged corrective phase before new highs can be considered.
For now, technical attention is focused on whether Solana can maintain momentum above $88–$90. Success in this area could set up a push toward $120 and possibly $133 over the coming weeks, while a failure would reset the breakout scenario and force bulls to defend lower ground.
Mini dictionary: Elliott Wave theory, a technical analysis method, uses recurring wave patterns to forecast market trends and potential turning points in asset prices.
