Solana's price action has entered a critical phase after failing to break above a key resistance level, according to multiple technical analysts. The token retested the upper boundary of a parallel channel near $98 earlier in the month, but the rejection triggered a sharp pullback that sent SOL back into the lower half of the range.
Analyst Ali Martinez highlighted that Solana has been trading inside this sideways parallel channel for the past couple of months, with the lower support line sitting around $78. If the current downward trajectory persists, a retest of that $78 level becomes likely. At the time of writing, SOL was trading around $84, down over 13% in a week.
Meanwhile, trader TedPillows emphasized the $82–$84 zone as a "must hold" area on the daily chart. The daily RSI has dropped to 40.99 and broken below its own rising trendline, signaling fading buying momentum. A daily close beneath this support would confirm a bearish shift in the short-term trend. However, holding above it could keep SOL within the range between $82–$84 support and $94–$96 resistance, requiring a strong close above resistance for any meaningful recovery.
On higher timeframes, a long-term triangle pattern on the 3-day chart preserves a bullish structure. Crypto analyst ray pointed out that SOL has spent 99 days consolidating between descending resistance from the 2025 highs and rising support from the 2023 base. A breakout above the descending resistance could unlock a target of $230, but for now the price remains compressed, and the next major move hinges on whether bulls defend the current support or lose it.
