Solana (SOL) is drawing heightened investor attention as it approaches the critical $105 resistance level. After rebounding sharply from its June low near $65, SOL’s price recovery has reignited debate over whether the cryptocurrency can sustain its upward momentum and break through this key barrier.
Solana steadies near $105 after strong recovery
SOL recently traded at $104.82, showing a 2.42% increase within 24 hours. The daily trading volume reached $5.25 billion, with Solana’s market capitalization now at $61.37 billion. This places SOL among the top tokens, accounting for 2.27% of the total cryptocurrency market value.
Market analysts view the $105 level as pivotal for Solana’s next major move. The price’s recent surge from the June bottom signals renewed interest, but the test at this resistance will determine if further gains are likely or if another pullback could emerge.
Potential for gains if $105 is reclaimed
Crypto analyst Nehal outlined that a confirmed breakout above the $105 resistance could reinforce the current bullish setup and open the way for Solana to target higher price zones.
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If SOL reclaims $105, the technical setup suggests a potential move to $120 and, in more bullish scenarios, towards $140.
However, a failure to hold above $105 might lead the price back toward lower support levels, with investors monitoring whether the bullish structure remains intact.
Technical analysis highlights key levels
Recent technical analysis indicates Solana may have completed its Wave (4) correction, positioning the token for an ascending wave. The main support zone resides between $94.50 and $95.50, while immediate resistance is set between $109.50 and $110.50.
Should SOL confirm a breakout above its resistance, analysts project initial upside targets at $110, followed by $112.50. Continued buying pressure could extend the rally to $116.50, which is viewed as the next notable target for the bulls.
The region around $94.50 to $95.50 remains critical for Solana’s bullish outlook; sustained trading below this area could increase the risk of further declines.
Rising trading volume alongside SOL’s recent price advances demonstrates active market participation. Still, a decisive move above $105 and then $109.50–$110.50 is needed for a clear confirmation of the next leg up.
The critical challenge now is for buyers to establish $105 as a new support level. Achieving this could shift the focus toward higher targets, while repeated rejection would put the $94.50–$95.50 support area under scrutiny.
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