Solana dropped to approximately $68, reaching its weekly lower Bollinger Band near $67 after intensified selling pressure pushed the cryptocurrency into a key technical support zone. Crypto analyst Cheds Trading noted SOL fell into the lower Bollinger Band on the weekly timeframe, while analyst Jack Adams identified a potential buy zone between $58 and $67, predicting a possible recovery toward $120-$175 later this year if support holds. The move placed Solana below its short-term and medium-term moving averages, with the 200-week moving average near $100 remaining well above current price levels, highlighting the extent of the recent decline through technical analysis of volatility bands and historical support areas.
Cheds Trading Identifies SOL at Weekly Lower Bollinger Band Near $67
Cheds Trading noted that Solana fell into the lower Bollinger Band on the weekly timeframe, a level traders watch for signs of oversold conditions or trend continuation. The chart showed SOL dropping to approximately $68 after a sharp weekly decline, pushing price directly into the lower Bollinger Band near $67.
Bollinger Bands measure volatility by plotting standard deviations above and below a moving average. When price reaches the lower band, it can indicate that selling pressure has become stretched. The chart showed SOL trading below its short-term and medium-term moving averages, including the 8-week, 34-week, and 50-week averages. The 200-week moving average near the $100 area remained well above the current price.
Trading volume increased during the latest sell-off, suggesting stronger participation as price broke lower. The weekly lower Bollinger Band near $67 represented a key area traders may watch to determine whether Solana can stabilize or continue its downward trend.
Jack Adams Predicts $58-$67 Buy Zone Before Potential $120-$175 Recovery
Crypto analyst Jack Adams said Solana could retest the $58-$67 range before attempting a recovery toward $120-$175 later this year. The chart marked a broad buy zone between roughly $58 and $67, close to previous monthly wick areas that acted as major reaction points in earlier cycles. SOL is currently trading near $72.61, putting that support zone within reach after the latest decline.
Adams argued that Solana may revisit this area once more before reversing higher. He said the move could happen quickly rather than through a prolonged slow decline, based on the SOL/BTC and ETH chart structures. The chart showed SOL trading below the 14-week EMA near $87.70, which remained an important short-term resistance level.
The analyst identified $120-$175 as a possible upside range if SOL holds the marked support zone and begins a new recovery phase. A clean break below $58 would weaken the setup and put the broader bullish reversal scenario at risk, according to the analysis.
FAQ
What price level did Solana drop to according to Cheds Trading's analysis?
Cheds Trading's chart showed Solana dropping to approximately $68, reaching the weekly lower Bollinger Band near $67 after a sharp weekly decline. The move pushed SOL directly into the lower Bollinger Band, placing it at one of its weakest technical positions since the beginning of the year, with price trading below the 8-week, 34-week, and 50-week moving averages.
What buy zone did Jack Adams identify for Solana?
Jack Adams identified a buy zone between $58 and $67 for Solana, close to previous monthly wick areas that acted as major reaction points in earlier cycles. With SOL currently trading near $72.61, the analyst said Solana could retest this support range before attempting a recovery toward $120-$175 later this year if the support zone holds.
