Solana is testing the $67-$70 resistance zone after bouncing from its $60 support area, according to analysis from traders Daan Crypto Trades and Matthew Dixon. The rebound follows a decline into what Daan Crypto Trades identified as SOL's final major weekly support zone at $60, with the $67 level marking the previous February low. The recovery attempt comes as traders monitor the upcoming FOMC meeting, which Matthew Dixon noted could pressure risk assets if markets price in a hawkish policy tone and higher interest rates.
Solana Tests $67 Weekly Support Level After $60 Bounce
Solana is attempting to reclaim the $67 area on the SOL/USDT weekly chart, according to Daan Crypto Trades. The analyst stated that $60 represents Solana's final major weekly support area, where buyers stepped in to halt the decline. The $67 level previously marked the February low and now acts as a key horizontal level.
Daan Crypto Trades noted that reclaiming and holding above $67 would be an early sign that Solana is beginning to shift its local market structure back in favor of buyers. Such a move could open the door for a retest of higher weekly resistance levels around $79 and $95, according to the analysis.
The analyst also stated that if SOL fails to maintain momentum above $67, the rebound could lose strength and increase the risk of another test of the $60 support zone. Traders are watching whether Solana can flip the $67 level into support or whether sellers will regain control of the weekly trend.
Solana Approaches $70 Resistance as FOMC Meeting Nears
Solana is moving toward a short-term resistance area near $70 after rebounding from recent lows, according to Matthew Dixon. The analyst's SOL/USD 4-hour chart shows price recovering from the $60 area and moving through several Fibonacci levels, now testing the $68-$70 zone. RSI has also recovered from oversold conditions and is approaching stronger momentum territory, according to the chart.
Dixon stated that the $70 level may align with the upcoming FOMC meeting and suggested that a hawkish policy tone could pressure risk assets if markets start pricing in higher interest rates. The analyst also noted an expectation for a broader low around October, tied to Bitcoin's halving cycle timing and a potential return of liquidity afterward. Dixon stated that the current move may remain a short-term relief rally unless SOL breaks higher and sustains momentum.
Traders are monitoring whether Solana can reach and clear the $70 area or whether macro pressure around the FOMC meeting limits the rebound.
FAQ
What price levels is Solana currently testing?
Solana is testing the $67-$70 resistance zone after bouncing from the $60 support area, according to analysis from traders Daan Crypto Trades and Matthew Dixon. The $67 level previously marked the February low and now acts as a key weekly support level.
Why is the FOMC meeting relevant to Solana's price action?
Matthew Dixon stated that the upcoming FOMC meeting could pressure risk assets if markets price in a hawkish policy tone and higher interest rates. The analyst noted that the $70 resistance level may align with the timing of the FOMC meeting.
