Solana holds $103, eyes $110 resistance as traders watch for next breakout

SOL stabilizes above $98 during corrective phase

Solana’s short-term outlook currently appears positive as its price holds above $98. Analysts view the recent rebound as forming inside a corrective Elliott Wave structure, indicating that the move is not yet part of a new impulsive trend.

More Crypto Online, an account specializing in technical analysis, described Solana’s action as consistent with a fourth wave correction following a rejection close to $110. The platform noted that price developments have been characterized by overlapping moves, a structure typical for corrections rather than clear upward trends.

Fibonacci retracement levels place immediate support at $102.50, $101.51, $100.53, and $99.14, creating a tightly packed support zone. This range gives traders clearer reference points for evaluating whether the rebound can continue further.

More Crypto Online identified Solana’s corrective phase as ongoing, estimating that, “SOL could still move above the September 3 high as part of a B-wave rebound before a C-wave decline, which would complete the larger correction.”

Below the main support area, a second support band exists between $90.46 and $94.83. If Solana manages to hold this lower region, the possibility of a resumed rally in a potential fifth wave remains, but a clear drop beneath $90.46 would weaken the bullish outlook further.

Mini dictionary: Elliott Wave pattern – A technical analysis method used to predict price movements by identifying recurring wave structures in the market, including impulsive and corrective phases.

Key resistance and potential for further recovery

Solana’s recent recovery above the upper $90 range is important, as this area influenced trading behavior earlier in the year. By moving back above $98, buyers appear to be turning this previous resistance into new support, suggesting market confidence is strengthening at these levels.

TraderSZ, a crypto trader and analyst, reported adding to long positions in Solana and pointed to the $90 level as a significant support that, if violated, would invalidate his bullish outlook.

TraderSZ expressed confidence in the setup, stating that as long as SOL remains above $98.39, which he identified as the previous quarter’s high, the trend structure remains supportive of further gains.

The primary challenge in the near term lies at $110, the recent swing high. Surpassing this resistance with consistent buying could pave the way for moves toward a higher supply zone between $146 and $152. However, these targets are considered more ambitious and will require confirmation through continued bullish momentum.

Any decisive break below $90 could threaten the ongoing rebound and put the continuation scenario under significant pressure. At present, the price region between $98 and $100 remains pivotal for the immediate direction of SOL.