Solana Reclaims $80 Amid Friday Market Bounce – | Crypto News
As the crypto market recovers, Solana (SOL) has bounced from a major stage trendline and momentarily reclaimed a key horizontal stage. Some analysts have signaled that a retest of a essential short-term resistance might be coming, while others have warned that a breakdown to new lows stays attainable.
Solana Bounces From Two-Year Trendline
On Friday, Solana bounced 10.3% to break past the $85 space for the first time in three days. The cryptocurrency has been hovering between $78-$88 over the past week, briefly falling to $67 during last Thursday’s correction.
SOL misplaced the mid-zone of its local vary after current market volatility, falling below $80 on Thursday. However, Today’s rebound has despatched the altcoin above these not too long ago misplaced ranges, setting the stage for a potential recovery.
Amid this efficiency, market observer Daan Crypto Trades highlighted that the cryptocurrency has reclaimed the key $80 stage, which has traditionally served as major resistance and assist.
To the trader, the Solana must maintain above this space and kind a base above it before “watching for a low-timeframe market structure break back to bullish.” Analyst Ali Martinez noticed that sustained shopping for strain might push SOL’s price toward the $88 stage, not seen since the start of the week.
The altcoin has been unable to break above this stage since last week’s breakdown, turning into a key short-term resistance space. A breakout from this stage might open the door for a retest of the $90-$96 zone, where the April 2025 lows are.
Meanwhile, Crypto Batman famous that Solana is retesting its two-year descending trendline in the weekly timeframe, positioned around the current lows. The chart reveals that the macro trendline has been holding since early 2024 and has been tapped a number of occasions throughout the cycle.
As the analyst explained, “Over the past 2 years, every time the price touches this level, a massive reversal occurs.” During this period, it has also marked the underside of each major correction, with the latest retest going down in Q2 2025 and main to the next quarter’s rally.
SOL Breakdown Still Coming?
Despite the bullish outlooks, other market watchers have shared potential bearish forecasts for Solana if momentum weakens. Altcoin Sherpa warned that SOL might drop to $50 if promoting strain pushes the price below a essential space.
The chart reveals that after dropping the 200-week Exponential Moving Average (EMA), around the $121 mark, and the April 2025 lows, the key space to maintain is the not too long ago visited local vary lows.
As the analyst displayed, if the cryptocurrency fails to maintain the $77-$78 price space, the next major historic assist sits close to the November 2023 breakout space, around the $51 mark.
Market watcher Crypto Bullet advised that Solana’s backside might not be in yet, arguing that “those who bought BTC above $80k and SOL above $120 must stay trapped for a year or two.”
He affirmed that “returning to those levels anytime soon doesn’t make sense,” as the cryptocurrencies are in their markdown period.
In an X post, he emphasised the market cycle phases, declaring that the buildup section occurred between 2022 and 2023, while the distribution section occurred between 2024 and the start of 2026. Based on this, the analyst’s chart reveals that SOL might probably discover a backside around the $40 space.
As of this writing, Solana is trading at $84.17, a 2.5% decline in the weekly timeframe
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