Solana at a Crossroads: Bulls Defend $67–$70 as $90 Resistance Holds
Solana (SOL) trades near $85 after a modest daily gain as analysts debate whether the recent pullback is a short pause or deeper reset. Technical observers label the decline as an Elliott wave (2) pullback, noting firm support at the 50% Fibonacci retracement (~$83.60) and deeper cushions at the 61.8% (~$81.88) and 78.6% (~$79.50). Bulls must clear the 38.2% retracement at $85.35 and reclaim the prior wave (1) high between $89–$90 to confirm renewed upside toward $97 and $100.89. Conversely, failure to hold $83 could extend consolidation, while defending $67–$70 is critical to preserve higher-timeframe structure. Weekly charts show SOL still trading below the former $120 support, which now acts as resistance; macro pressure remains until that ceiling breaks. Market cap stays above $48 billion and network participation is steady. Analysts argue that a clean bounce from $67–$70 could form a durable accumulation base, while a recovery above $100 would likely improve sentiment and attract sidelined capital. Key keywords: Solana price, SOL price prediction, Fibonacci support, $90 resistance, $67–$70 support.
Neutral
The article highlights a mixed technical picture rather than a decisive directional signal. Short-term indicators show important support around $83.6 (50% Fibonacci) and deeper cushions at $81.9 and $79.5; failure to hold these could prolong consolidation—bearish for near-term momentum. At the same time, reclaiming $89–$90 would validate bullish continuation toward $97–$100.89, and a clean defense of $67–$70 would form a longer-term accumulation base. Macro context is neutral-to-cautious: SOL remains below the former $120 support (now resistance), which caps upside until cleared. Market cap (> $48B) and steady network activity provide supportive fundamentals but do not override technical resistance. Similar past setups (cryptos consolidating under a former support-turned-resistance) have produced both failed recoveries and successful accumulation-led rallies; outcome typically depends on volume and broader risk appetite. For traders: expect limited directional conviction until either a clear break above $90 with volume (bullish signal) or a drop toward $67–$70 and a failure to hold that zone (bearish). Manage risk with tight stops around Fibonacci levels, watch volume and macro risk sentiment, and scale positions on confirmed breakouts or clean bounces from the $67–$70 range.