Solana Tests Key Resistance at $75 Amid Recovery From June Low

Solana is trading near key resistance zones as the cryptocurrency attempts a recovery from its June low. SOL traded near $72.25 on daily charts and $70.50 on shorter timeframes as buyers tested resistance between $73.18 and $89.40. The rebound follows a June sell-off, with technical analysis indicating a bearish corrective structure remains in place despite the recent price recovery.

Solana Tests $73-$89 Resistance Zone on Daily Chart

SOL traded near $72.25 as it approached the first major resistance zone between $73.18 and $89.40, according to a chart shared by @Morecryptoonl on X. The chart shows Solana attempting a recovery from its June low while maintaining a bearish corrective structure.

The Elliott Wave count treats the move from the June low as a wave 2 bounce. A break above the resistance zone would improve the technical outlook, though the chart indicates this would not confirm a full trend reversal on its own.

For a stronger bullish structure, the analysis notes Solana would need to break above resistance, form a clear five-wave advance, and then hold a corrective pullback.

SOL Approaches $75 Breakout Level on 4-Hour Chart

Solana traded near $70.50 as buyers extended the rebound into a short-term resistance zone between $70.86 and $73.70, according to a chart shared by @Freedom_By_40 on X. The chart shows SOL recovering from the early June sell-off.

A move above $74.98 would strengthen the bullish case, according to the technical analysis. The chart's base scenario includes the possibility of another pullback toward the $62 support area, with deeper support near $53.

If SOL clears $74.98 and holds above it, the chart indicates the bearish pullback setup would weaken. The analysis identifies the $80-$86 range as a potential target in early August.

FAQ

What resistance levels is Solana currently testing? Solana is testing a major resistance zone between $73.18 and $89.40 on daily charts, with a shorter-term resistance zone between $70.86 and $73.70 on 4-hour charts. The key breakout level identified in the analysis is $74.98.

What support levels exist for SOL if the rebound fails? The technical analysis identifies support at $62, with deeper support near $53 if sellers regain control. These levels represent potential downside targets if Solana fails to break above current resistance zones.