While Solana is trading near a critical support zone, technical signals have yet to confirm the beginning of a sustained recovery. Market assessments note that short-term upward reactions are possible, but overall risks remain tilted to the downside.
Support holds, but technical signals remain mixed
According to analysis shared by MCO Global, SOL is currently holding in the Fibonacci retracement region between $61.75 and $63.05. This range, corresponding to the 61.8% and 78.6% levels, is an area often watched for short-term rebounds in technical analysis. However, the current attempt at a rally is not seen as strong enough to signal a lasting trend reversal.
Mini glossary: Elliott Wave Theory argues that market moves form recurring wave structures influenced by investor psychology. Fibonacci retracement levels are used to gauge likely areas of support or resistance after a price movement.
MCO Global’s report stresses that while a short-term bounce is possible, there is not yet confirmation on the chart that the broader corrective structure has ended.
For a more optimistic scenario to develop, the analysts say Solana needs to form a clear five-wave upward structure and surpass the $72.57 level. This threshold stands out as a key technical level that could override prevailing bearish expectations. Unless this happens, the main scenario remains further correction.
If the support zone fails, the next leg down could extend into the mid-$40 range. While the potential for a short-term recovery cannot be ruled out, analysts say there are not yet enough signals for a broad-based bullish reversal.
$20 target suggested for late 2026
Crypto analyst Bully warns of the potential for a more severe downturn. According to Bully, the market may be underestimating Solana’s downside risk, and if selling pressure continues, SOL could fall as low as $20 by the end of 2026.
The monthly chart shows SOL trading around $66, down sharply from peaks above $250. Bully highlights the $15 to $25 range—which served as a base during the weak 2022–2023 market—as a historical support zone. A decline in the broader crypto market or waning investor appetite could put this area back in focus.
| Level | Significance |
|---|---|
| $61.75–$63.05 | Main short-term support area |
| $72.57 | Key level that could weaken the bearish outlook |
| Mid-$40 range | Downside target if support is breached |
| $15–$25 | Historic monthly support area |
| $20 | Bully’s downside target for late 2026 |
In Bully’s view, if the current downtrend continues and lower highs and lows develop on higher timeframes, the $20 mark should not be ruled out entirely.
Still, this scenario is regarded as a possible projection rather than a confirmed expectation. For such a downturn to become more likely, Solana would first need to lose its current supports and continue to show weakness on longer-term charts.
Analysts caution that major cryptocurrencies, including Solana, can face steep corrections even when the longer-term outlook remains positive. For now, $20 is not the central expectation, but technical signals suggest downside risks have not fully disappeared.
