Solana (SOL) is trading close to $73 after falling below key technical support levels on both its four-hour and 12-hour price charts. The current market behavior has highlighted increased dow
Solana (SOL) is trading close to $73 after falling below key technical support levels on both its four-hour and 12-hour price charts. The current market behavior has highlighted increased downside risks unless the cryptocurrency can reclaim the $74.30 to $77 resistance area in the near term.
Analysts observed that Solana has breached the lower boundary of a rising price channel on the four-hour chart, shifting the immediate technical outlook to favor further declines. The channel’s boundary, positioned at approximately $77, had acted as a pivotal support for SOL’s recent upward movement.
As a result of this breakdown, $68 stands out as the next potential support area. This level is aligned with an internal trendline within the broader channel and could function as a temporary stopping point if selling pressure continues.
If $68 does not hold, analysts note that the larger bearish target for Solana appears near $60. This represents the channel’s full depth and would mark a significant move away from the asset’s most recent highs.
A return above the previously broken $77 support zone is considered necessary for SOL to restore its bullish structure. Without sustained recovery above this level, the likelihood of further declines remains elevated.
Support/ResistancePrice LevelMajor resistance$74.30 – $77First downside target$68Bigger bearish target$60Upside recovery zone$84Upper channel boundary$92Unless Solana quickly reclaims the $77 region and holds above it, the technical bias continues to favor a move toward $68, or potentially as low as $60 if bearish momentum persists.
Confirmation for further downside would require repeated four-hour closes below the broken channel support. Any failed attempts to surpass the $77 level could reinforce the perception of that zone as renewed resistance.
Conversely, reclaiming $77 and turning it back into support could set the stage for a rebound targeting $84, with the possibility of testing the channel’s upper boundary near $92 in a more bullish scenario.
For now, with SOL trading below channel support, the outlook remains cautious. The next move around $68 will likely determine whether the market finds temporary relief or continues toward the lower $60 target.
On the larger 12-hour chart, Solana continues to trade below a previously important support area. EliZ, a well-known market commentator, highlighted that a clear bullish signal would require the asset to close back above the blue zone between $74.30 and $75.
This zone had provided support in earlier sessions, but after multiple failed holds, it is now acting as resistance. The intersection of the blue box and the chart’s rising black trendline gives this area added significance in evaluating the current trend structure.
Analysts emphasized that a true bullish shift depends on a decisive 12-hour close above this level, followed by successful defense during a subsequent retest. This could pave the way toward the recent swing highs in the $76 to $78 range.
Beyond that, the next substantial resistance area appears at $86, while a major horizontal barrier stands at $87.20. These levels would likely only come into play if buyers regain the upper hand and momentum improves meaningfully.
The $74.30 to $77 zone remains a critical confirmation point. Only a sustained breakout and defense of this area would provide stronger evidence that bulls are back in control.
If Solana remains below this main confirmation zone or breaks below recent lows near $72, the initial downside targets of $68 and $60 remain the key levels to watch.
Until the technical recovery is confirmed above $77, cautious positioning continues to dominate the short-term outlook for SOL.
The post Solana trades at $73, tests $68 and $60 downside targets after channel breakdown appeared first on COINTURK NEWS.
