Solana is showing renewed strength, but its broader direction remains uncertain as price continues to move within a defined range. The asset is approaching a critical support zone, making the next move decisive for short-term momentum. Holding this level could trigger a recovery, while a breakdown may extend downside pressure.
Currently, Solana is showing renewed upward movement, with its price reaching $84.74 after recording a 6.44% increase over the past 24 hours. The asset also posted strong market activity, with trading volume climbing to $8.76 billion and market capitalization standing at $48.61 billion, reflecting steady participation across the market.
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Solana Faces Resistance After Losing $100 Support
According to insights shared by Ali Martinez, Solana is currently being traded inside the horizontal channel with the top resistance at $96.04 and lower support near $76.66. Currently, the price of Solana is approaching the lower boundary of this zone, and therefore, it is necessary to pay attention to how the level of support will behave.
If SOL maintains strength above the $76.66 support zone, the structure could form a double bottom pattern. This setup may drive a short-term recovery, with immediate upside targets near $81.00, followed by a move toward $85.00, which aligns with the 50-day simple moving average acting as resistance.
However, a breakdown of the mentioned level in a daily candle will weaken the current structure and make it more bearish in nature. As a result, a further decline of SOL will be possible down to the year-to-date minimum of $68.54 and even $50, where long-term support lies.
Solana Faces Resistance After Losing $100 Support
From the perspective of the higher timeframe, Solana has already fallen from its support level at $100 to the current level and, consequently, has switched into the role of resistance. On the chart, the crypto has started forming lower tops, and the momentum indicators, such as stochastic, have also shifted downwards, indicating a further bearish trend.
Technical signals also show a bearish crossover in moving averages, often referred to as a “death cross,” which may add pressure if recovery attempts fail. Thus, failure to return to the broken support zone is quite likely, and the further price movement towards the $40–$50 region seems more realistic. However, there is a much larger zone of support in the $15–$20 price region.
At the moment, the $78 price is acting as the closest level of support, with the next resistance levels at $100, $150, and $240. The upcoming price movement near $76–$78 will be the next important event that can determine the overall trend for Solana for the rest of April.
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