Solana (SOL) is trading at a critical technical zone near $82, according to analysts. A breakout above this descending wedge resistance could target the $97 to $100 range, while a failure risks a drop toward $68. The mid-term trend remains bearish, with key support and resistance levels dictating the next major move.
Analysts at Whale Factor report that Solana is at the apex of a descending wedge pattern on the 4-hour chart. A confirmed breakout above the $82 resistance could propel the price toward the $97 to $100 target area.
Conversely, failure to hold support near $78 risks a decline toward the $68 level. The pattern’s exhaustion suggests a potential for increased volatility as the price approaches this pivotal point.
A separate analysis on TradingView indicates the medium-term trend is still bearish. The price has been forming a series of lower highs and lower lows following a correction from the $275 zone.
Technical indicators support this outlook, with the price trading near the lower Bollinger Band around $60. The Relative Strength Index (RSI) remains in the 30 to 40 range, signaling continued selling pressure.
Key resistance levels for a bullish reversal are seen at $100 and then $140 to $150. “Breaking through these levels would change market sentiment to be positive,” according to the analysis.
On the downside, critical support lies between $75 and $70. A sustained break below $60 could open the path for a further drop toward the $50 to $47 range.
