Solana (SOL) price is trading just below a critical resistance zone. According to the latest technical analysis, despite the current upward attempts, selling pressure is still effective on the market. Two separate analyzes indicate that there may be new upward attempts in the short term, but if the price cannot exceed certain levels, downward movements may continue.
Contraction in the critical resistance zone
Analysts note that SOL is trading near $86.29 on the hourly chart. It is noted that the rise in this region is not the beginning of the real rise, but a temporary and corrective movement. According to the analysis made according to the Elliott Wave method, for the current increase to be permanent, prices above $ 88.30 must first be seen clearly.
The resistance area lies between $86.37 and $88.30. Important levels of Fibonacci ratios are included in this band. Therefore, a price push at this point may result in sellers regaining power. If this level is exceeded, the next resistance lies in the $89-90 range, where the short-term peak was previously seen.
While SOL is trying to stay above $86.29 on the hourly chart, $88.30 must first be surpassed for the continuation of the rise. If the price cannot exceed this threshold, the downward movement may accelerate.
Downside risks continue
Downside targets are also highlighted in the chart. Accordingly, if the wave movement continues, $ 81.69, $ 80 and $ 78.99 are shown as the first decline targets. In a broader sense, the range between $78.81 and $81.75 stands out as another important support area.
The situation looks similar on daily charts. SOL is trading near $85.84. However, the price has difficulty passing the $90 to $96 range.
Support zones and possible scenarios
After the last sharp pullback, a horizontal trend prevails on the daily chart. The price has been unable to move away from the purple band, which has been an important resistance area since February. It is emphasized that even possible small increases here may not be permanent and this may herald a new wave of decline.
The main support level in current technical analysis is the range between $40 and $47. The trading volume and previous reactions of the price also make this region stand out as a major buying area. At the lower level, there is additional support around $27.15; However, in current analysis, the priority is at $ 40.
In summary, even if there are upward attempts in Solana’s price in the short term, the technical outlook remains predominantly bearish. In this process where sellers dominate the market, the price must clearly overcome critical resistances for the upward movements to be permanent.
