Solana has re-entered a critical support area after reaching the downside target pursued in the short term. According to the charts shared by analysts, SOL retreated when it could not overcome important resistance levels and the price dropped to the $ 68 band. On the other hand, it is considered that the current region stands out as an accumulation area in the longer-term outlook.
In the short term, the $68 level came to the fore
On the four-hour chart, SOL price appeared to be facing strong selling pressure near $74. It was reported that the downward sloping 200-period simple moving average in this region also created additional resistance. The TD Sequential sell signal, which occurred close to the local peak, was also among the technical factors supporting the possibility of a downward turn.
Following this view, Solana fell below $72, then $70, and fell to $68.88. Thus, the short-term target of $ 68 followed by analyst Ali Charts was achieved. It is stated that the price is now approaching an area where buyers can defend support.
According to analysts’ evaluation, if the level of 68 dollars is maintained, a recovery towards 70 and 72 dollars may be seen in Solana in the short term. On the other hand, a significant break of this support may bring the next support point, $67, to the agenda.
Long-term accumulation zone is on the agenda again
In the monthly charts, it is stated that Solana has returned to the long-term accumulation area where it was before the strong rise. After the price broke below the support around $98.80, it seems to have settled in the region between approximately $50 and $70. This range stands out as one of the main areas that long-term investors watch closely.
Mini dictionary: Fibonacci level is based on ratios used in technical analysis to identify possible support and resistance zones. The 0.618 level mentioned in the news is considered one of the most followed retracement points in the markets.
In the assessment shared by analyst Crypto Patel, it was argued that the current structure is similar to Solana’s bottoming period between 2022 and 2023. During the period in question, SOL had risen by over 2,200 percent after remaining horizontal for a while around long-term support. If a similar scale movement repeats, the $ 1,000 level may come to the fore as a long-term projection, but it is especially emphasized that this is not a confirmed target.
The monitored levels were collected in the 50, 70 and 100 dollar band
For the upside scenario to gain strength, Solana must first break above $98.80. After this, the broader resistance area around $297 can be viewed as a new testing area. For this reason, analysts point out that it is necessary to evaluate short-term reaction purchases and long-term trend transformation separately.
On the other hand, if the weakness continues and the price drops below $50, $32.89 and $26.36 may stand out as monthly support levels. For now, the $50 to $70 range is viewed as the main accumulation zone, while the $100 level is considered the first major threshold for buyers to regain control.
