Solana Fails To Break Key Resistance At $106, Analyst Says SOL Could Drop To This Level

Solana’s native SOL token appears to be gaining near-term upside momentum after a turbulent 2023. But key technical resistance now stands in the way of confirming a sustainable trend reversal, according to analysts.

SOL Breaks Downtrend Resistance

Trader Teshkid points to SOL attempting to clear a key breakdown level at $106, which would put focus on further targets:

“Solana is trying to break through resistance at $106.07. A break above that area flipping that into support watch for a rally to $110 and $115 as the next targets.” Teshkid also mentioned that in case of a rejection, SOL could hit $98.41.

This aligns with the analysis showing SOL in the early stages of breaking its prior declining channel. Reclaiming $106 resistance opens the door for a continued move higher.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +

Broader Resistance Still an Obstacle

However, per analysis from altFINS, the higher the macro $100 level, the higher the pivotal threshold for bulls to conquer. Achieving back-to-back daily closes above $100 would confirm upside continuation towards the $125 area.

Source: altFINS – Start using it today

“Bullish breakout from a Channel Down pattern. Traders could wait for a confirmation – if price breaks above $100 resistance, with +25% upside potential back to $125.”

So in essence, while Solana shows encouraging signs of early technical improvements, conviction around a sustainable low still remains lacking. Only a decisive move above the psychologically key $100 resistance can begin repairing the damaged long-term market structure.

However, as Teshkid mentioned, SOL faced rejection at the $106 level and has dropped below $100. SOL is down by 3.7% and is trading at $99.45.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.