Solana traded near $103.40 on Wednesday, September 9, as market participants assessed whether its recent breakout above $100 would withstand a potential retest, or instead trigger another correction in the near term. At the time of writing, SOL was down roughly 0.3% over 24 hours but remained nearly 4% higher over the past week, reflecting an ongoing tug-of-war between bullish and cautious short-term views across higher and lower time frames.
Solana tests key daily breakout, $100 level in focus
A daily chart shared by crypto analyst Inmortal showed Solana emerging from a several-month trading period between the high-$60s and high-$90s. This recent surge through the $98 to $100 resistance raised the question of whether this previous ceiling might now serve as solid support.
The chart highlighted a clear breakout in August, quickly followed by a phase of consolidation between $100 and $110. This structure remains constructive as long as Solana holds above the former resistance region. Inmortal outlined a scenario where SOL dips below $100 only to recover, projecting a possible move toward $150 if buyers reestablish momentum.
A retest and rebound from the $100 area could confirm this level as new support, particularly if Solana manages to close consistently above the recent consolidation range near $110. However, a decisive fall below the $98 to $100 zone would raise the risk of further losses, with analysts noting reference support levels at $82 and in the upper-$60s, should a deeper reversal unfold.
Inmortal considered the possibility of a temporary pullback below $100, followed by a swift recovery, potentially setting up a path for SOL to target $150 longer term. He emphasized that the integrity of $100 as support will be key for this scenario.
Short-term signals suggest possible correction
While the daily breakout signals optimism, short-term indicators remain less conclusive. More Crypto Online highlighted that Solana may still be in a C-wave decline according to Elliott Wave analysis, despite the recent rebound. The analyst identified a choppy, not fully confirmed bearish structure, which keeps short-term traders cautious.
At around $103.07, SOL faces a resistance cluster across several Fibonacci levels at $103.89, $104.53, $105.18, and $106.11, making the $104 to $106 range a critical zone for the current rally. A rejection from this area, followed by renewed weakness, would reinforce the case for further downside, first targeting support near $98 and later, the more significant zone between $94.39 and $94.83. Additional support may emerge between $91.57 and $90.46 if bearish momentum extends.
A clear move above $106.11 would disrupt this immediate bearish sequence, while a reclaim of the larger resistance at $110.50 could shift sentiment back to favor the bullish breakout scenario.
The analyst at More Crypto Online stressed that the $104-$106 region serves as both a short-term test for upward momentum and a potential trap for sellers if buyers stage a strong reversal above these levels.
These technical levels have caught the attention of both traders and market watchers, who continue to monitor the price action for signs of confirmation in either direction.
While traders remain focused on key levels in Solana’s chart, a broader shift is underway in asset management. Wall Street has started moving into Web3, with investors increasingly using platforms such as 1stepSwap to hold tokenized shares of major US companies, as well as gold and silver, directly in their crypto wallets. Such platforms utilize real-world asset tokenization and automated pricing, offering exposure to traditional securities without intermediaries.
For now, market participants remain watchful of how Solana navigates the critical $100 region. A strong hold or rapid reclaim of this level would fuel hopes for further upside, while a rejection and break of nearby supports could extend the correction into the mid-$90s, awaiting fresh buying interest.
