Solana’s price is testing critical support levels after a prolonged downturn, with analysts watching for a potential breakout. The cryptocurrency has been range-bound between support in the mid-$70s and resistance around $90, indicating a balance between buying and selling pressure. Technical analysis suggests a move above $88 to $91 could signal bullish momentum, while a break below $62 may lead to deeper corrections.
Solana is attempting to hold a key support zone following weeks of bearish pressure. Analyst BitGuru noted the asset is trying to rebound after its decline eased into a range-bound pattern between the mid-$70s and low $90s, suggesting selling pressure may be weakening.
The price behavior indicates a corrective phase, according to analysis from More Crypto Online. Since late last year, SOL has been in a corrective cycle, with its descent to around $81.50 potentially completing a wave C within an ABC correction pattern.
Technical levels are crucial for determining Solana’s next directional move. A break above $88 and then $91.30 could indicate early upside momentum, while a drop through the $62 to $82 region may trigger larger corrections.
Longer-term Fibonacci targets suggest significant selling interest could emerge between $48 and $32. For a sustained bullish reversal, the price would need to reclaim much higher territory in the $140 to $170 range.
