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SOL Solana's Key Crossroad: What is the future of digital currency?
On September 9, Solana (SOL) prices were around US$103, down slightly 0.3% from the previous day, but the increase in the past week reached 3.3%. This price trend presents a complex situation: the potential risk of a short-term correction contrasts with the overall positive technical side.
Can key resistance levels be transformed into support?
Analyst Inmortal pointed out that judging from the daily SOL/USDT chart, Solana has broken through the previous consolidation base formed from the upper track of US$60 to the high of US$90. As a blockchain platform known for its high transaction processing capabilities, Solana's trend at this critical stage has attracted much attention from the market.
Inmortal emphasized: "If we can hold the previous resistance level in the US$98-US$100 range and convert it into support, it will be the key to further gains."
Looking back in August this year, Solana strongly broke through the US$98 to US$100 range, and then entered the consolidation stage of US$100 to US$110. As long as the breakthrough area remains intact, this form is considered constructive. Inmortal predicts that prices may briefly fall below $100, then rebound and are expected to move towards $150. If the US$100 mark can be effectively recovered, it will strengthen the market view that "old resistance will turn into new support."
However, if prices continue to weaken below the breakthrough zone, this bullish expectation may be falsified, and positions such as the upper track of US$82 and US$60 may become a new focus of attention.
Short-term callback signal warning
Short-term trends need to be treated with caution. More Crypto Online analysis believes that in Solana price fluctuations, if there is an obvious B-wave high, it may follow the C-wave decline in the future. However, the analyst also pointed out that this pattern has not yet been fully confirmed and there is still uncertainty.
More Crypto Online said: "The $104 to $106 range will test market response; a rejection here will further strengthen the bearish narrative."
hourly technical analysis shows that the Fibonacci resistance areas are located at US$103.89, US$104.53, US$105.18 and US$106.11, so the range of US$104 to US$106 has important guiding significance for the short-term direction.
If downward pressure dominates, initial support is seen at US$98, and stronger support is expected to appear in the US$94.83 to US$94.39 range. If the decline deepens, prices could test the $91.57 to $90.46 range.
Conversely, if the price can decisively break through US$106.11, the short-term downward sequence may weaken, and the market's attention may refocuse on the broader resistance area around US$110.50. This shift may reignite market interest in bullish breakthroughs at the daily level.
Currently, Solana faces two completely different scenarios: if it can hold or quickly recover US$100, it will be conducive to the positive development of the overall structure; on the contrary, if it is rejected in the US$104 to US$106 range and falls below nearby support levels, the price may fall back to the mid-term level of US$90.
