Solana (SOL) is currently trading just below a critical resistance area, with the price facing persistent selling pressure despite recent upward attempts. Recent technical analyses point to the possibility of short-term rallies, but warn that failure to overcome key resistance could trigger renewed declines.
Narrow trading range at key resistance
Analysts note that, on the hourly chart, SOL has been hovering around $86.29. However, this latest upward move is viewed as temporary—a corrective bounce rather than the start of a sustained rally. According to an Elliott Wave-based analysis, a breakout above $88.30 is required before any lasting upward trend can be confirmed.
The resistance zone is identified between $86.37 and $88.30, with important Fibonacci levels clustered within this band. Price struggles at this range could allow sellers to regain control. If SOL surpasses this resistance, the next upside target is in the $89–$90 region, where a recent short-term peak was observed.
On the hourly chart, SOL is working to stay above $86.29, but further gains depend on clearing $88.30. If this threshold is not crossed, the downward move could intensify.
Downside risks remain significant
Bearish targets are also underscored by the chart. If the corrective wave continues, the initial support levels are situated at $81.69, $80.00, and $78.99. A wider support band is defined between $78.81 and $81.75, highlighting the area as a critical defense line for bulls.
The daily charts echo a similar picture, with SOL recently trading around $85.84. However, price action has repeatedly failed to break through the $90–$96 resistance zone, keeping the broader outlook subdued.
Support levels and possible scenarios
After a sharp pullback, the daily chart reflects sideways movement, with the price unable to move decisively away from the key resistance band that has contained it since February. Any modest upswings could prove short-lived, potentially signaling a fresh downward wave according to technical specialists.
The main support zone in current technical analysis lies between $40 and $47. Historical trading activity and volume suggest this area acts as a substantial demand zone. Below this, additional support is noted around $27.15, although the focus remains on the $40 level for now.
In summary, while Solana may see brief recoveries in the short term, the overall technical outlook remains bearish. Unless SOL can make a definitive move above critical resistance, sellers are expected to maintain their grip on the market.
