Solana (SOL) is trading near $104.82, up 2.42% in 24 hours, as the market watches whether it can reclaim the key $105 resistance level. A bounce from a June bottom near $65 has brought the token to this crucial price zone, with technical analysis suggesting a breakout could target $120 or $140. The daily volume stands at $5.25 billion, and the market cap is $61.37 billion, representing 2.27% of the total crypto market. However, failure to break resistance may lead to a retest of lower support levels.
Solana (SOL) is changing hands around $104.82, having gained 2.42% in 24 hours. Daily volume of SOL transactions is estimated at $5.25 billion, and the market cap is valued at $61.37 billion.
The cryptocurrency has seen a solid bounce off its June bottom near $65 and is now facing a crucial resistance zone. According to a recent post by crypto analyst Nehal, reclaiming $105 could boost the current bullish setup.
A break above $105 could improve the near-term prospects of Solana. This level could lead to further gains to $120 and even $140 if a larger impulse move occurs.
Another technical analysis shows that Solana may have completed a Wave (4) correction. The main support zone is set at $94.50–$95.50, and resistance at $109.50–$110.50.
The first upside target is set at $110, followed by $112.50 if SOL confirms a breakout. A stronger continuation could push the price toward $116.50.
The $94.50–$95.50 region remains important for the bullish structure. A sustained move below this range would weaken the setup and could increase selling pressure.
Rising trading volume alongside the latest price increase suggests elevated market participation. Confirmation above resistance is still needed.
The next major test is whether buyers can establish the $105 level as support. A confirmed move above $109.50–$110.50 would strengthen the bullish case and place $112.50 and $116.50 in focus.
