The Solana price is retesting a key technical support level after breaking out of a descending triangle pattern. Bulls are defending the breakout zone despite current selling pressure and market volatility. If the support holds, analysts project potential upside targets of $98, $120, and $145.
Solana’s price is currently testing a crucial breakout level that now acts as support. Bulls are fighting to hold this level despite market pressure, which will determine if the breakout momentum continues.
At the time of writing, SOL is trading at $86.20, down 5.63% over 24 hours. Market activity remains significant with a $5.47 billion trading volume and a $49.82 billion market capitalization.
On May 16, 2026, crypto analyst Jonathan Carter reported the price was undergoing a descending triangle retest. The asset had broken out of the pattern and returned to retest the old resistance, now acting as support.
Market movement relative to this area shows consistent buyer resistance. The Solana price remains above the breakout point despite seller presence and volatility.
If support holds, the price could move toward targets of $98, $120, and $145. A broader analysis shows market participation is slowing, however.
Volume is down 11.69% to $9.60 billion, and open interest is down 3.58% to $5.68 billion. This suggests declining activity in both spot and derivatives markets during consolidation.
The open interest weighted funding rate is 0.0047%, data shows. This indicates a balanced market without a pronounced trend favoring long or short positions.
