Solana Faces Pivotal Break at $110.15, Eyes $150 Target

Solana has reached a crucial technical phase as it attempts to turn its recent $100 resistance zone into support. This summer's lows saw a sharp rebound, but SOL's price action now focuses on sustaining gains and breaking above the key resistance at $110.15.

Technical analysts consider recent gains as part of a broader corrective pattern, with the first daily chart showing SOL beneath a wide Fibonacci resistance area beginning at $110.15. The 38.2% Fibonacci retracement is viewed as critical for confirming a lasting recovery.

The Elliott Wave analysis on the chart classifies the bounce from June as corrective, implying that while SOL could continue higher, the larger bearish structure has not yet conclusively shifted to a bullish cycle.