Solana Targets $110 and $116 as It Nears Critical Resistance Level

Solana's price has been steadily increasing after rebounding from its June low of around $65, reaching $104.82 and a 24-hour increase of 2.42%. The daily trading volume has reached $5.25 billion, with Solana's market capitalization at $61.37 billion, placing it among the top tokens, accounting for 2.27% of the total cryptocurrency market value.

The $105 resistance level is seen as pivotal by market analysts, and a confirmed breakout above this level could lead to further gains. Crypto analyst Nehal suggests that reclaiming $105 could open the way for Solana to target higher price zones, with potential targets at $120 and $140 in more bullish scenarios.

However, if SOL fails to hold above $105, it may lead the price back towards lower support levels. Technical analysis indicates that Solana may have completed its Wave (4) correction, positioning the token for an ascending wave. The main support zone resides between $94.50 and $95.50, while immediate resistance is set between $109.50 and $110.50.