Solana (SOL) rejects $98; watch $90.25 and $78 for breakout or breakdown
Solana (SOL) failed to break the $98 resistance zone. After sellers rejected the level, SOL slid to around $91 but held above $88, keeping the February-to-date horizontal channel intact (about $78.17–$97.79). Key intermediate levels cited are $88.02 and $92.89.
For traders of Solana (SOL), the bullish trigger is a daily close above $98. That would strengthen the breakout case, with upside targets near $107 first and then around $117. If SOL rejects $98 again, the risk shifts higher toward $88, and a deeper move could test the $78 support area.
On the 4-hour chart, SOL is stabilizing near $93 after a bounce. Fibonacci levels point to buyer defense between about $91.97 (38.2% retracement) and $90.25 (50% retracement). Holding above $90.25 keeps short-term bullish Elliott Wave scenarios alive and allows another attempt toward the $97 area. If momentum improves, resistance is flagged around $110–$112 and a broader target near $121.96. Losing $90.25 would weaken the short-term outlook, pushing attention to $77.95 and $75.40.
Neutral
The news is mixed for SOL. A failure to clear $98 keeps the larger horizontal range ($78.17–$97.79) in play, which limits immediate upside conviction. However, SOL also held above $88 after rejecting $98, suggesting sellers have not fully taken control yet.
Short-term, traders will likely focus on $90.25 (50% Fibonacci). Holding above it keeps bullish Elliott Wave continuation scenarios alive and increases the odds of another push toward the $97–$98 area. A break below $90.25 would be a near-term warning, shifting probability toward $77.95 and $75.40.
Longer-term direction hinges on whether SOL can reclaim $98 decisively on a daily close. That would turn the setup bullish with targets higher ($107 then $117). Without that confirmation, the market likely treats rallies into $98 as sell opportunities, maintaining neutral-to-bearish trading conditions within the range.