Solana price holds above $95 support, eyes $116.50 upside target

Current technical position and price action

At the time of publication, Solana (SOL) trades at $102.04 after falling 1.87% over the past 24 hours. The token, which currently represents 2.30% of the entire crypto market, reports a market capitalization of $60.29 billion and 24-hour trading volume of $7.08 billion.

Despite its slight daily decline, SOL is maintaining support within the $94.50–$95.50 range. This zone is being closely monitored by market participants as an essential buffer for sustaining the ongoing bullish structure on Solana’s price chart.

SOL continues to build on recent gains but is consolidating below the $110.15–$109.63 resistance, with technical structure hinging on its ability to stay above the $94.50–$95.50 support area.

Resistance levels and upside targets

The immediate resistance for Solana sits between $109.50 and $110.50. Analysts argue that a strong daily close above this level could bolster confidence among buyers and set the stage for a drive higher. If Solana breaks through $110, the next technical target is set around $112.50.

Technical analysis from More Crypto Online indicates that the move up from the June lows has been corrective, potentially representing the end of a Wave (4) pullback within a larger Elliott Wave structure. In this scenario, Wave (5) would target $116.50, provided SOL maintains momentum and confirms a breakout above the resistance region.

Mini dictionary: Elliott Wave — A technical analysis theory that suggests market prices move in predictable patterns called ‘waves’, often used to forecast potential future price movements.

However, should buyers fail to hold above the $94.50–$95.50 support, Solana risks losing its bullish setup and could revert to sideways trading between support and resistance boundaries.

Outlook and market implications

If Solana decisively breaches the $109.50–$110.50 resistance, technical projections suggest that attention could quickly shift toward the next resistance bands, with $112.50 and $116.50 acting as short-term targets. On the downside, remaining below $95 would signal a waning bullish momentum, potentially increasing the likelihood of consolidation or further losses.

Traders remain for a confirmed breakout, as this could provide a clear direction for Solana’s next major move.