Solana is holding a key support area, but buyers still need to reclaim the $82-$94 resistance zone to confirm a stronger recovery. A successful breakout could open the way toward $120, while a drop below $62 may expose $48, $43 and eventually $32.
Solana Holds Key Support as $120 Target Comes Into View
Solana is defending the lower boundary of its former trading range near $75.20 after briefly falling below it in June. Holding this level could confirm the breakdown as a false move and support a broader recovery toward $98 and eventually $120.
SOL daily chart. Source: Michaël van de Poppe/X
The chart shows SOL dropping into the $60-$65 area before recovering above the range floor. This type of deviation can become bullish when price quickly reclaims the lost level and buyers continue defending it as support.
The first upside test sits around $85-$88, where the latest rebound previously lost momentum. Clearing that area could return Solana to the upper boundary of the range near $97.89.
A confirmed breakout above $98 would mark a stronger change in market structure. It could open the way toward the projected $118-$128 target zone over the coming months.
However, the setup depends on SOL remaining above $75.20. A daily close below that level would weaken the recovery and raise the risk of another move toward $70 or the June lows near $60-$65.
Solana Rejection Keeps $32-$48 Downside Risk Alive
Solana has failed at a major resistance zone, leaving the broader bearish structure intact. The chart suggests the latest rebound may be corrective, with a break below $62 opening the door to a much deeper decline.
SOL daily chart. Source: MCO Global/X
The first resistance cluster sits between roughly $82 and $94, where several Fibonacci levels overlap. SOL was rejected before reclaiming that area, showing that buyers still lack enough strength to reverse the wider downtrend.
The current decline could develop into a third Elliott Wave, which is often the strongest part of a bearish sequence. A decisive move below $62 would strengthen that scenario and place $48 and $43 back in focus.
The longer-term chart also leaves room for a fall toward $32 if selling pressure continues. That target would depend on SOL losing the higher support zones and failing to build a stable base during the decline.
The bearish outlook would weaken only if Solana reclaims the $82-$94 region and holds above it. Until that happens, rebounds may remain corrective moves inside a larger downward trend.
