Solana chart update: is a $300 move still on the table?

Solana (SOL) is trying to recover after a sharp pullback, but the bigger picture still points to a downtrend. Price has just bounced from a key support area, and the next few weeks will likely decide whether this is just a relief rally or the start of a much larger move higher.

Where Solana found support

Solana recently found support around the 50% Fibonacci retracement level of its previous rally, near $62.40. This area is important because it lines up with what many traders see as the last major support for the current corrective phase.

In Elliott Wave terms, this zone could mark the end of a larger wave four pullback. If that scenario holds, a fifth wave higher could eventually target the $300+ region. However, this bullish outcome is still only an alternative view for now and needs confirmation from price action.

If you want a broader context on how Solana behaves after sharp drawdowns, it’s worth revisiting the dynamics covered in what to expect from Solana after the recent 40% crash.

The bigger trend: still a downtrend

Despite the recent bounce, Solana remains in a broader downtrend. The current move up is best seen as a relief rally within that trend, not a confirmed reversal.

For the bullish $300+ scenario to become more realistic, Solana needs to break through several strong resistance zones and hold above them. Until that happens, traders should assume that the overall corrective structure could still push prices lower.

Key resistance zone: $73–$89

The main resistance area to watch on the daily chart sits between roughly $73.18 and $89.40. This zone is defined by Fibonacci resistance from the last major decline and acts as a standard “bounce cap” in many corrective structures.

Here’s why this band is so important:

• First major test of the bounce: A clear rejection here would support the idea that the current move is just a corrective rally before another leg down.
• Gateway to a trend shift: A decisive break and hold above this zone would be the first meaningful sign that a more substantial low might be in place.

Above this zone, there is another structural resistance just below $100, around $99. Clearing both the $73–$89 band and the $99 area would significantly strengthen the case for a new bullish phase and open the door to a possible fifth wave targeting $300+ over time.

Short-term resistance: $68–$73

On the lower time frames, Solana has already reached a short-term target for its current bounce. The move up has taken the form of a three-wave (ABC) structure, with the C wave reaching the 100% extension of the A wave around the $70–$78 region.

Within this, the first micro resistance zone is between about $67.92 and $72.57. Price is currently testing this band, making it a critical short-term decision point.

To treat this area as a confirmed local top, traders would want to see Solana break back below the most recent local low at $66.90. A move under that level would suggest that the bounce has likely run its course and that sellers are regaining control.

What happens if resistance breaks?

If Solana can push through the initial $68–$73 micro resistance, attention shifts back to the larger $73–$89 zone. In that case, the market could extend the relief rally into the upper part of that band, potentially testing the $77–$89 region.

Breaking above $89 and then $99 would be a strong signal that the market may have put in a significant low. From there, a larger bullish structure could develop, with longer-term upside targets in the $300+ range becoming more realistic.

However, until those levels are convincingly cleared, this remains a secondary, more speculative scenario compared to the base case of ongoing corrective pressure.

Downside levels to watch: $62, $48, and $43

If Solana gets rejected from resistance—either from the micro band around $68–$73 or the broader $73–$89 zone—the focus shifts back to support.

• $66.90: Losing this short-term low would be the first sign that the current bounce is failing.
• ~$62 (June 10 low): A key reference point and part of the larger support cluster where the recent bounce began.
• $48: Next major support if the correction deepens.
• $43: A lower, but important, support level if selling accelerates.

A clear move below these supports, especially under the $62 area, would strengthen the case that Solana is still in a C-wave decline and that lower prices are likely before any sustainable recovery.

How traders can use these levels

For active traders, the current Solana structure offers a clear framework:

• Short-term bias: The market is in a relief rally, with the first decision zone around $68–$73.
• Medium-term pivot: The $73–$89 band and the $99 level will likely decide whether this is just a bounce or the start of a new uptrend.
• Risk levels: Support at $62, then $48 and $43, are key areas where buyers might step in again if the downtrend resumes.

As always, these levels are not guarantees but reference points. Combining them with your own risk management, time frame, and strategy is essential—especially in a volatile asset like Solana.

If you’re tracking how different altcoins react to market stress and structural changes, you may also find useful context in our coverage of other ecosystems, such as Cardano’s toughest test yet.

Outlook for the coming weeks

In the near term, Solana is likely to remain volatile as it tests resistance and reacts to broader market news. A push slightly higher into the $73–$89 zone is still possible, especially if positive catalysts appear.

However, until Solana can convincingly reclaim and hold above $89–$99, the market should be treated as corrective rather than fully bullish. A deeper move toward $48–$43 remains on the table if resistance holds and sellers step back in.

For now, the key is to watch how price behaves around the highlighted support and resistance zones. They will tell you whether Solana is gearing up for another leg down—or quietly building the base for a much larger move higher.