Solana is on edge. With the $105 zone acting as a crucial support level, investors are anxiously watching the candles. This support could signify a mere bounce-back...or the start of a massive bullish reversal. Analysis of a pivotal moment.
Solana is facing strong resistance around $178, which has led to multiple rejections. If the price fails to break through this level, the path is open toward $105.89. This level could potentially form a bullish double bottom if defended. The market structure and volume behavior suggest further downside unless buyers quickly regain control.
Key technical points :
Despite several bullish attempts, buyers have failed to take control above this resistance zone. The confluence between the value area high and long-term resistance makes this region particularly significant. Furthermore, the failure to break through has confirmed a bearish short-term structure.
As long as Solana trades below $178, the probability of another decline remains high. A move toward $105.89 is likely, and if this level holds, it could form a double bottom and initiate a reversal toward the resistance.
However, if this support fails to hold, it would confirm a breakdown and risk shifting the trend more bearish. Watch for volume signals near the lows to confirm buyer interest.
Solana faces significant resistance at $178, which is weighing on its short-term price structure. If buyers fail to regain control quickly, a test of support at $105.89 becomes probable. This level could prove crucial to prevent a double decline and offer a bullish reversal opportunity.
However, defending this support will be decisive. A breakdown would confirm a more bearish medium-term trend. Investors should closely monitor volume evolution and price action to adapt to the situation.
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