Solana is testing a resistance cluster near $70-$72 after reaching its Elliott Wave target following a recovery from June lows. According to More Crypto Online, the SOL/USD 4-hour chart shows Solana reaching its projected 100% Elliott Wave extension target near $70.78, pushing price into a dense resistance zone formed by multiple Fibonacci levels. The technical setup has placed immediate resistance between $69.44 and $72.58, with support remaining near $63.06-$61.75, according to the analysis.
More Crypto Online Identifies Fibonacci Resistance Cluster
More Crypto Online's analysis of the SOL/USD 4-hour chart shows immediate resistance between $69.44 and $72.58, including the 38.2% retracement at $69.44, the 100% extension at $70.78, and the 50% retracement near $72.58. The convergence of these levels suggests the current area could act as a decision point for the market, according to the analysis.
The chart highlights that the rally has pushed price into a dense resistance zone where buyers and sellers are likely to battle for control. According to the analysis, a decisive breakout above this resistance cluster would strengthen the bullish case and indicate that Solana's recovery has room to extend further.
On the downside, support remains near $63.06-$61.75. Holding above that area would preserve the short-term bullish structure, while a break below it could shift momentum back in favor of sellers, according to the analysis.
Satoshi Flipper Highlights Falling Wedge Breakout Pattern
According to Satoshi Flipper, the SOL/USDT daily chart shows Solana rebounding from the lower boundary of a broad descending wedge before breaking above the upper trendline near the $70 area. The analyst believes the breakout could mark the beginning of a larger trend reversal, with a long-term target near $250.
The chart highlights multiple historical reactions along both trendlines, reinforcing the validity of the wedge structure. After finding support near $60, SOL reclaimed the upper boundary and pushed toward the mid-$70s, signaling improving momentum, according to the analysis.
According to the analysis, maintaining the breakout above the former resistance trendline would strengthen the bullish case and support the possibility of a move toward previous cycle highs. A rally toward $250 would represent a return to levels last seen during Solana's strongest periods of market expansion, according to Satoshi Flipper.
The analysis notes that the projected target remains speculative, and that falling wedge breakouts do not always achieve their full measured moves. Solana will still need to overcome several intermediate resistance levels before a larger advance can develop, according to the analysis.
FAQ
What resistance level is Solana currently testing?
Solana is testing a resistance cluster near $70-$72 after reaching its Elliott Wave target. According to More Crypto Online, immediate resistance is located between $69.44 and $72.58, including the 38.2% retracement at $69.44, the 100% extension at $70.78, and the 50% retracement near $72.58.
What is the long-term price target mentioned for Solana?
According to Satoshi Flipper, the long-term target is near $250 following a breakout from a falling wedge pattern. The analysis notes that this projected target remains speculative and that falling wedge breakouts do not always achieve their full measured moves.
