Solana’s (SOL) recent price action has put traders on alert once again. After 
sliding to multi-month lows near the lower-$80 range, SOL staged a sharp 
rebound of more than 6% in a short period, briefly easing fears of an 
immediate breakdown. Related Reading: Bitcoin Could See New Drop To $60,000 
Despite Bounce – Here’s The Level To Defend However, the recovery has done 
little to settle the broader debate. Analysts now see Solana caught between 
fragile support and overhead resistance, with the $98–$108 zone emerging as a 
key upside test if momentum can hold. Despite the bounce, market conditions 
remain cautious. SOL is still trading well below former support levels that 
have flipped into resistance, and several technical and on-chain indicators 
suggest the market has not yet found a clear directional bias. SOL&#8217;s price 
trends to the downside on the daily chart. Source: SOLUSD on Tradingview 
Support Holds, but SOL Trend Remains Weak Solana is currently consolidating 
around the $83–$87 area, a zone many analysts view as critical short-term 
support. Multiple reports highlight that SOL has lost its prior monthly 
support between $98 and $100, confirming the broader downtrend remains intact. 
Price structure continues to show lower highs and lower lows, and SOL is 
trading below key moving averages, reinforcing bearish control. At the same 
time, oversold signals are beginning to appear. The Relative Strength Index on 
higher timeframes has dipped into levels that historically coincided with 
stabilization phases. Some analysts also point to the Money Flow Index nearing 
extreme readings, suggesting selling pressure may be losing intensity, even if 
buyers have yet to step in decisively. If the $85 area fails, downside targets 
cluster around $78–$80, with deeper support cited near $70. These levels align 
with historical demand zones observed during previous drawdowns. Solana ETF 
Outflows and On-Chain Signals Add Pressure On-chain data has added another 
layer of complexity. More than 1 million SOL reportedly left centralized 
exchanges over a 72-hour period, a move analysts interpret as stress-driven 
repositioning rather than clear accumulation. In parallel, Solana-linked ETFs 
recorded roughly $11.9 million in net outflows, the second-largest on record. 
Historically, large ETF outflows have sometimes appeared near capitulation 
phases, but they also limit near-term upside by reducing institutional 
participation. Long-term holder data further shows accumulation slowing, 
removing a source of price support that has cushioned past declines. Why 
$98–$108 Matters for Bulls Looking ahead, analysts agree that any meaningful 
recovery must reclaim the $98–$108 region. This zone represents both former 
support and a psychological barrier near $100. February forecasts from several 
market trackers suggest SOL could trade within this range if it stabilizes 
above current levels. Related Reading: Bernstein Calls Bitcoin Crash A ‘Crisis 
Of Confidence,’ Maintains $150,000 Target A sustained move above $108 could 
open the door to a broader trend reassessment, while repeated rejection would 
reinforce the prevailing bearish structure. Solana remains in a wait-and-see 
phase, with traders closely watching whether support holds, or whether another 
leg lower comes before a durable base is formed. Cover image from ChatGPT, 
SOLUSD chart on Tradingview

Solana Tests Key Support After Sharp Bounce, Analysts Weigh $98–$108 Upside for SOL

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