Solana Tests Key Support After Sharp Bounce, Analysts Estimate $98–$108 Against SOL
Solana (SOL)’s recent price action has put traders on edge again. After sliding to multi-month lows near the low-$80 range, SOL held a sharp rally of more than 6% in the short term, briefly allaying fears of an immediate breakout.
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However, the recovery did little to settle the broader debate. Analysts now see Solana caught between weak support and overhead resistance, with the $98–$108 area emerging as a key test if momentum can hold.
Despite the jump, market conditions remain cautious. SOL is still trading below previous support levels that have turned into resistance, and several technical and on-chain indicators suggest that the market has yet to find a clear directional bias.
SOL's price trends to the downside on the daily chart. Source: SOLUSD on Tradingview
Support Holds, but SOL Trend Remains Weak
Solana is currently covering the $83–$87 range, an area that many analysts consider to be important short-term support.
Several reports highlight that SOL has lost its monthly support between $98 and $100, confirming that the broader decline remains intact. The price structure continues to show lower highs and lower lows, and SOL is trading below key moving averages, reinforcing bearish control.
At the same time, oversold signs are starting to appear. The Relative Strength Index for high periods has entered levels that have historically corresponded to stabilization phases.
Some analysts also pointed to the Money Flow Index approaching extreme readings, suggesting that selling pressure may be losing momentum, even if buyers are yet to intervene strongly.
If the $85 area fails, downside targets converge around $78–$80, with deep support cited near $70. These levels are in line with the high demand areas seen during previous reductions.
Solana ETF Exit and On-Chain Signals Add Pressure
On-chain data added another layer of complexity. More than 1 million SOL reportedly left the exchange within a 72-hour period, a move analysts interpreted as pressure-driven repositioning rather than clear accumulation.
Correspondingly, Solana-linked ETFs recorded nearly $11.9 million in net outflows, the second largest on record.
Historically, large ETF outflows have sometimes occurred near capitulation phases, but they also limit near-term upside by reducing institutional participation. Long-term holder data continues to show a decline in accumulation, removing a source of price support that has reduced previous declines.
Why $98–$108 is a Bullshit Story
Looking ahead, analysts agree that any meaningful recovery should return to the $98–$108 region. This area represents both previous support and a psychological barrier near $100. February forecasts from several market trackers suggest that SOL could trade within this range if it stabilizes above current levels.
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A sustained move above $108 could open the door to a broader retest of the trend, while a repeated rejection would reinforce the existing bearish structure. Solana is always in the wait and see phase, traders are watching closely to see if the support holds, or if another lower leg comes before a strong base is formed.
Cover image from ChatGPT, SOLUSD chart on Tradingview
