Solana reached its $68 downside target after failing to break above major resistance near $74, where the descending 200-period simple moving average added selling pressure. The drop pushed SOL below the $98.80 support level and into a long-term accumulation zone between $50 and $70, an area that preceded a 2,200% rally during the 2022-2023 market cycle. Analysts are monitoring whether this historical support range can stabilize price action, with the 0.618 Fibonacci level near $50.02 marking a key lower boundary.
Solana Reaches $68 Target After 200 SMA Rejection
Solana reached the $68 downside target after failing to break above a major resistance zone on the four-hour chart. The chart shows SOL facing repeated selling pressure near $74, where the descending 200-period simple moving average added further resistance. A TD Sequential sell signal also appeared near the local high.
SOL then fell through the $72 and $70 levels before trading near $68.88. The move confirms Ali Charts' $68 target. If $68 holds, Solana could stage a short-term rebound toward $70 and $72. A clear break below this level could expose the next support near $67.
Solana Enters Historic $50-$70 Accumulation Zone
Solana has returned to a long-term accumulation zone that preceded its previous 2,200% rally. The monthly chart shows SOL trading near $69 after breaking below support around $98.80. Price is now inside the accumulation zone between roughly $50 and $70, with the 0.618 Fibonacci level near $50.02 acting as a lower boundary.
Crypto Patel compares the current structure with Solana's 2022-2023 bottom, when SOL consolidated near long-term support before climbing more than 2,000%. A similar percentage move from the current zone could take SOL toward $1,000, although this remains a long-term projection rather than a confirmed target.
For the bullish scenario to strengthen, Solana would first need to recover above $98.80 and then challenge the wider resistance zone near $297. Continued weakness below $50 could instead expose monthly support around $32.89 and $26.36. The $50-$70 range remains the main accumulation area, while $100 is the first major level bulls need to reclaim.
FAQ
What price level did Solana reach after recent selling pressure?
Solana reached $68.88 after falling through resistance at $74, $72, and $70. The move confirmed Ali Charts' $68 downside target following rejection at the descending 200-period simple moving average.
What is Solana's current accumulation zone?
Solana is trading in a $50-$70 accumulation zone, with the 0.618 Fibonacci level near $50.02 marking the lower boundary. This range preceded a 2,200% rally during the 2022-2023 market cycle.
What resistance levels does Solana need to reclaim?
Solana needs to recover above $98.80 to strengthen the bullish scenario, then challenge the wider resistance zone near $297. The $100 level is the first major resistance bulls need to reclaim.
