Solana (SOL) Tests $70 Resistance as FOMC Risk Shapes Recovery
Solana (SOL) is attempting a recovery after bouncing from the $60 demand zone. Traders are watching two key levels: $67 and $70.
On the weekly chart, analyst Daan Crypto Trades says SOL/USDT is trying to reclaim the $67 area, previously linked to the February low. Holding above $67 would signal an early shift in local market structure back toward bulls, potentially leading to retests of higher weekly resistance near $79 and $95. If SOL fails to maintain momentum above $67, the rebound could weaken and raise the odds of another test of the $60 support.
On the 4-hour chart, Matthew Dixon highlights SOL moving toward a short-term target around $70. Price has been recovering through Fibonacci levels, and RSI has moved up from oversold conditions, suggesting improving momentum. However, the analyst frames the current rally as potentially a short-term relief move rather than a confirmed trend change, given expectations of a broader low later tied to Bitcoin’s halving cycle and subsequent liquidity.
With the FOMC meeting approaching, the market may reprice rates. A hawkish tone could pressure risk assets like SOL and cap upside as traders wait for confirmation.
Neutral
The article is framed as a potential SOL rebound, but it repeatedly stresses “unconfirmed” structure change and the near-term macro overhang from the FOMC meeting.
- Bullish element: Weekly reclaim attempts above $67 and a 4-hour push toward $70 are consistent with a relief rally. If SOL flips $67 into support, traders could position for retests of $79/$95.
- Bearish / limiting factor: Failure to hold $67 would likely drag SOL back toward $60. In addition, a hawkish FOMC outcome can tighten financial conditions and reduce risk appetite, which historically often causes crypto to retrace when rates expectations move quickly.
Similar to past “macro-event + resistance test” setups, the market can whipsaw around major levels until traders get confirmation. Short-term, expect volatility as SOL tests $70. Long-term, the analyst’s view that the broader low may come later (linked to Bitcoin’s halving timing) suggests today’s move may not be the start of a sustained trend without further breakout and follow-through.