Solana (SOL) is trading near $87 inside a months-long range, and analysts say a short relief rally may form before the market commits to its next major move.
Solana Recovery Scenario Takes Shape
Two technical desks tracking SOL on lower timeframes argue the coin is setting up a corrective bounce rather than a clean trend reversal. Elliott Waves Academy identifies a potential short-term recovery on the 1-hour chart, modeling the move as a complex double zigzag.
The setup needs confirmation. A decisive break above the upper edge of the current diagonal pattern, plus a clearing of resistance tied to the prior bearish wave, would strengthen the case for the upward correction.
The relief rally targets the 50% to 61.8% retracement zone of the recent decline, with room to stretch toward the 78.6% level. If renewed selling appears instead, that zone becomes a focus for sellers, while a run of higher lows would tilt the bias back toward sustained upside.
Also Read: Bitcoin Bull Market Still Missing Its Clearest Signals, Analyst Warns
SOL Stuck Inside Range Structure
MCO Global DE noted that Solana keeps trading sideways within the same broad structure that has governed price action for several months. The analysts said the market still lacks a convincing breakout signal, and recent moves remain dominated by short-term noise.
Their leading scenario holds. Immediate support sits around $81.28, with deeper support regions between $71.92 and $77.96, and another brief dip cannot be ruled out before SOL attempts a renewed recovery within the larger B-wave.
The desk also warned that the market stays exposed to a deeper correction as long as resistance near $96 stays intact, with $110 marking the next hurdle above it. Until buyers clear those levels, the broader outlook is expected to stay cautious and neutral, the analysts said.
The cautious framing reflects a difficult stretch for SOL. The token has spent recent weeks pinned in the low-to-mid $80s after an April decline, and it currently trades roughly 70% below the $294.87 record set in January 2025, leaving the recovery question unresolved.
Read Next: Ethereum Needs A $1B Rescue Fund, Former Researcher Argues
