Solana nears key support as analysts watch recovery range

Solana moved closer to a key support area after a sharp weekly decline placed fresh pressure on the token.

The price approached the lower Bollinger Band after falling near the $68 level during the latest sell-off.

Analysts said the move placed Solana near a zone that traders often watch for signs of exhaustion or further weakness.

"SOL has reached the lower Bollinger Band on the weekly timeframe,"

Cheds Trading said.

The lower Bollinger Band can signal oversold conditions when an asset trades near the bottom of its recent volatility range.

However, strong downtrends can keep prices near the lower band for longer than traders expect.

This means traders may still wait for stronger confirmation before calling a recovery attempt.

Solana also remained below several important moving averages across weekly timeframes.

These include the 8-week, 34-week, and 50-week moving averages, which may now act as resistance levels.

The 200-week moving average sat near $100, leaving a wide gap above current prices.

That gap showed how far Solana had fallen from stronger technical levels seen earlier in the cycle.

Trading volume also increased during the latest decline, showing that market activity rose as prices weakened.

Analysts now view the area near $67 as an important short-term level for Solana’s next move.

Another analyst pointed to a wider support range between $58 and $67 based on earlier price reactions.

This zone matched previous monthly wick areas that had triggered stronger responses from buyers.

"SOL could revisit this range before attempting a recovery higher,"

Jack Adams said.

Adams suggested that Solana may reach the zone quickly rather than through a slow and steady decline.

Solana recently traded near $72.61, placing the highlighted support area within close range.

Traders may therefore watch for a possible retest before expecting any larger upward move.

The chart also showed resistance near the 14-week exponential moving average around $87.70.

A move above that level could suggest that selling pressure has started to weaken.

Adams identified a possible recovery range between $120 and $175 if buyers defend the support zone.

However, he warned that a break below $58 would weaken the bullish recovery setup.

He also said Solana’s behaviour against Bitcoin and Ethereum supported the idea of another retest.

Those pair structures suggested that Solana may make one final move lower before attempting a reversal.

The $58 to $67 area now stands as a key zone for traders watching Solana’s next direction.

If Solana holds that range, analysts may continue to watch for a rebound later this year.

At the time of reporting, Solana price was $70.09.