Solana traded close to $75 on Wednesday, as traders focused on whether SOL could break through immediate technical resistance or revisit support around $67 before its next major price movement. Two widely referenced analyses have outlined potential bullish scenarios, with targets ranging from $87 in the near term to $130 on a larger breakout, but both caution that several obstacles remain.
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AAPLTechnical analysis highlights key resistance zones
SOL recently pressed against a descending trendline after a period marked by successive lower highs since July. Trader Daink, who shared a daily chart of SOL/USDT, mapped out a bullish scenario originating from the $75 region, but emphasized that upward momentum depends on buyers reclaiming multiple resistance levels.
The price was last seen near $75.31, near the intersection of a descending resistance line traced from the early July high. This convergence point represents a pivotal battleground for bulls and bears. Sustained movement above the trendline would weaken the prevailing bearish structure, potentially allowing buyers to target higher price zones.
The first major resistance is found at $82.25, where Solana has previously reacted and reversed. Flipping this level into support would signal growing bullish momentum. Above this, $98.40 remains a significant barrier, as past recoveries have stalled there. Surpassing $98.40 could reinforce the bullish scenario, shifting focus to $114.55 and the primary upside objective at $130.70.
However, Solana is still trading only moderately above support at $66.10. A rejection at the trendline, followed by a drop toward this region, could confirm sellers remain in control. Should SOL fall beneath $66.10, the bullish setup would be invalidated and risks could increase for further declines toward $61.28.
The daily chart suggests traders should wait for confirmation of a breakout rather than assume an imminent rally to $130. A daily close above the descending trendline and a successful push past $82.25 would strengthen the bullish case, while failure to clear resistance and a move below $66.10 would keep the outlook negative.
Potential for retest of support before upward move
Another view from Crypto Tony presents a different route for Solana, with the possibility of a deeper pullback before bulls regain control. On the four-hour SOL/USD chart, price action remains near $75.58, below resistance around the upper $77 area. Strong horizontal support is evident near $67.50.
SOL has repeatedly failed to sustain moves above the $77-$78 resistance band, signaling strong opposition from sellers in the short term. Crypto Tony’s scenario leaves room for a potential decline into the $67.50 support area, or slightly below to $65-$66, before a rapid reversal and rally. However, the trader notes this path as a possible scenario rather than a guaranteed move.
The reaction at the $67.50 level will be important. A swift recovery after testing support—especially if price quickly reclaims $67.50—would suggest buyer absorption of selling pressure, potentially confirming the bullish reversal mapped out in the analysis.
Breaking and maintaining levels above $77-$78 would mark the first obstacle in any rebound attempt, with a move above this zone opening the path toward the low $80s. The targeted upside on this chart extends to around $87, indicating that holding key support could result in a significant rebound if resistance is overcome.
A fall below the expected $65-$66 reversal zone, without recovery, would challenge the bullish outlook and could indicate a more sustained breakdown of support.
Two routes now present themselves for Solana: a direct breakout higher from current consolidation, or a revisit of deeper support prior to a stronger recovery. The interplay between confirmation at resistance and reactions to support will determine the next major trend.
While traders monitor these technical setups, the broader financial landscape continues to evolve. Wall Street has begun a significant migration toward Web3, with investors increasingly using platforms like 1stepSwap to hold shares of large U.S. companies, gold, and silver directly in their crypto wallets. The tokenization of real-world assets (RWAs) and rapid price aggregation technology allows for instant, direct ownership without intermediaries, further shifting traditional market dynamics.
