Solana price is facing an important technical phase as its recent recovery continues to consolidate below a major resistance area. The token needs to overcome its resistance level to confirm that it is preparing for another leg up. Technical analysts are also paying attention to the support zone that will determine whether the latest bullish phase is intact or not.
Solana (SOL) is trading at $102.04 at the time of writing, with its 24-hour trading volume of $7.08 billion and market capitalization of $60.29 billion. At the same time, SOL has a market share of 2.30% of the entire crypto market, and it has lost 1.87% in price in the last 24 hours. Notably, despite the daily drop, SOL is trading above the crucial $94.50-$95.50 support zone within the latest technical setup.
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Solana Price Holds Above Critical Support
As per the technical analysis provided by More Crypto Online, SOL remains in a local uptrend, but it is still consolidating below the $110.15-$209.63 resistance region. The analyst said that the move from the June low has been corrective in nature, and it may represent the completion of the Wave (4) pullback that is going to be followed by another upward wave.
Currently, the $94.50-$95.50 range is acting as the main support level in the technical setup. Keeping above this range would help in preserving the rising technical structure and in supporting the continuation of the bullish phase. Conversely, failing to hold above this range would damage the technical picture of the asset.
Regarding the resistance, the closest one comes at $109.50-$110.50 range. This range is important because a successful move above it could confirm that buyers are regaining control. The first upside target is around $110, followed by $112.50 if SOL can maintain momentum after breaking through resistance.
Breakout Could Push SOL Toward $116.50
Technical projection sees $116.50 as the target for Wave (5) in the proposed structure. This price level requires SOL to move through the $110 resistance and consolidate above the breakout region. Failure to do so may see the cryptocurrency trade sideways in the support-resistance region.
In this regard, SOL is currently at an interesting junction where a breach above $109.50-$110.50 may draw attention towards $112.50 and $116.50. On the other hand, a breakdown below $94.50-$95.50 may damage the bullish formation. A breakout needs to be confirmed before further action can be seen.
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