Solana hovers near $86 as resistance looms

Solana faces stiff resistance

Real-time data indicates that the SOL/USD pair is trading close to $86.40, with the upward movement associated with wave B currently navigating the resistance corridor defined between $85.91 and $88.95. The nearest resistance level, $85.91, is followed by $86.79, $87.67, and finally $88.95. At the moment, Solana is striving to remain above the lower boundary of this zone.

If buyers gain traction, there is potential for Solana to extend its climb toward the upper end of the resistance band. On the other hand, a reversal could see the cryptocurrency drop toward the support zone at $81.75 to $78.81. If these levels do not hold, further declines may take Solana as low as $77.92, $75.39, or even $71.92 in a prolonged downturn.

According to analysts, “If the price remains within the current resistance band and turns downward, this move could mark the beginning of a new downward wave C.”

Echoes of 2022: The mirror-pattern warning

A look at the weekly chart reveals striking similarities between Solana’s recent trajectory and its movements in 2022. Back then, the token experienced a brief rally at the top (often described as a bull trap), followed by a sharp correction and a period of sideways trading. Experts argue that given Solana’s current sideways consolidation, any upward momentum may prove temporary, and another swift decline could still occur.

In 2022, Solana hovered in the $40–$50 range after a rapid drop, only to lose more ground later on. This evidence leads some observers to believe that the latest movements are more of a pause than a genuine recovery. However, the mirror pattern analysis alone is not considered a definitive sign of further losses.

Specialists emphasize that “It is not possible to claim Solana will fall to $30 based solely on the presence of a similar chart pattern; confirmation of a downturn requires a clear break below the current horizontal support.”

To reinforce a bearish scenario, analysts are looking for Solana to first lose its current support area and then exhibit new signs of weakness on the weekly chart. While patterns appear familiar, the immediate direction will largely depend on the dynamics between buyers and sellers in the coming period.