Solana became the focus of the market again after the last rise. While SOL price recovered around $81, the strength seen especially against Bitcoin supported the short-term outlook. Although the overall altcoin market remains mixed, the technical picture on the LEFT side gives a more constructive outlook, according to some analysts.
The breakout against Bitcoin came to the fore
The analyst, known as ChiefraFba in the market, points out that the SOL / BTC parity has risen above the downward trend line that has been going on for months. The chart shows a movement from the 0.00108 region to the 0.00133 level. This breakdown is being watched closely as Solana can also show a stronger performance in the dollar parity during periods when it gains strength against Bitcoin.
The chart shared by ChiefraFba reveals that the SOL/BTC pair has broken above the multi-month bearish line and the technical outlook supports the bullish scenario.
If this structure is maintained, the range between $ 83 and $ 84 stands out as the first important resistance area for SOL. If this region is exceeded, the $87 level can be viewed as the next target.
| Presence | critical zone | Importance |
| SOL/BTC | 0.00108 to 0.00133 | Breakout on downtrend |
| SOL/USD | 83 to 84 dollars | First main resistor |
| SOL/USD | 86 to 87 dollars | Next bullish target |
$80 support may be decisive in the short term
Crypto Tony evaluates that the rise may continue after a limited pullback on the short-term chart. In this scenario, the $79-$80 band is seen as a critical support area. If SOL remains above this region, the possibility of heading to the range of $ 83 and $ 84, and then to the band of $ 86 and $ 87 may be preserved.
Crypto Tony emphasizes that bulls may want to see the $79-$80 zone maintained before the next leg of uptrend.
On the other hand, if it falls below $79, the outlook may weaken. In such a case, the $77 and $75 levels could be retested.
Wyckoff structure and whale processes are monitored together
On the daily chart, some analysts are pointing to a possible Wyckoff accumulation structure. By comparing recent price movements with classic accumulation phases, Nebraskangooner notes that SOL is trying to move into a stronger recovery phase.
Mini dictionary: Wyckoff accumulation structure describes a technical formation in which large players are thought to make gradual purchases in the market after a decline. In this structure, phases of sales are generally followed, such as a sales peak, a retest, a misleading decline, and then a recovery, which is seen as a sign of strength.
For this scenario to gain strength, the $75-$77 band must be maintained and then the $85-$90 zone must be reclaimed. A sustained move above $90 could support broader recovery expectations.
Leveraged whale position and Bitfinex data keep risk alive
According to data shared by Ted Pillows, a large investor opened a $21.67 million SOL long position with 20x leverage. The entry level for this transaction is $80.04 and the liquidation level is $63.64. Although this level is not considered a near-term target, it indicates where the pressure on leveraged positions may intensify in a sharp market turn.
On the other hand, Max Crypto reports that large investors on Bitfinex have significantly closed their Solana long positions. While the shared chart shows a sharp decline in SOL long positions, it is stated that the price decreased by approximately 14 percent in the last period when a similar movement occurred. Therefore, if the $79 and $80 support is maintained, selling pressure may remain as profit taking; Losing the support could increase the risk of a deeper correction towards $75 or even $70.
- 🚨 Solana brought the $87 target for $SOL back to the agenda with the recovery around $81.
- 📊 The band between $79 and $80 is watched as the most critical support zone in the short term.
- 🐋 Major investor transactions and Bitfinex data show that downside risk persists despite the bullish outlook.
- 🧭 If the price exceeds the resistance between $ 83 and $ 84, a new area may be opened towards the band between $ 86 and $ 87.
