Solana remains under pressure as price action tests a crucial support zone, drawing mixed reactions from market analysts. The token trades near $87.68 after a daily drop of nearly 5%, reflecting continued short-term weakness.
However, analysts highlight a pivotal moment where buyers may attempt to regain control. This phase could determine whether Solana stabilizes or extends its recent decline.
BitGuru highlights that Solana recently rejected the $93–94 resistance zone after a strong rally. As a result, price action has cooled and returned to the $88–89 region. This level previously attracted strong buying interest, making it a critical demand zone.
Moreover, this area represents a classic buy-the-dip opportunity for short-term traders. If buyers step in again, the price could rebound toward $90 and possibly retest $93.
However, failure to hold $88 would weaken sentiment significantly. In that case, the market could slide toward $85, extending the short-term downtrend.
Broader Structure Signals Mixed Outlook
Gnarleyquinn presents a wider perspective that blends caution with potential optimism. The analyst notes that Solana remains in a broader downtrend since its peak near $260. However, momentum has slowed following the sharp drop to around $80.
Significantly, Solana now compresses beneath the $112 resistance level. This range between $80 and $112 defines the current battleground. Lower timeframes show a rising structure, which hints at a possible base forming.
Besides, bullish divergence on momentum indicators supports this rebuilding narrative. However, the analyst warns that failure to reclaim $112 keeps the bear flag scenario intact. Consequently, the market could revisit lower levels if resistance continues to hold.
A confirmed move above $112 would change everything. It would shift sentiment and open the door to higher targets.
Long-Term Optimism Remains Intact
Source: X
Borovik takes a more optimistic stance on Solana’s valuation. The analyst argues that prices below $100 appear undervalued compared to past highs near $300. Additionally, Solana’s low transaction costs continue to attract developers and speculative activity.
The current range between $80 and $110 suggests accumulation rather than collapse. However, a breakout above $110 must occur to confirm renewed bullish momentum. Moreover, reclaiming the $150–180 zone would signal a stronger trend reversal.
Borovik even suggests a potential path toward $500 this cycle. However, such a move depends on renewed demand and broader market enthusiasm.
Source: https://coinpaper.com/15742/solana-pulls-back-near-88-buy-zone-bulls-eye-93-rebound
