Solana broke through the $75.00 resistance zone on July 22. The area was a confluence of three technical signals: the February support level (which has reversed price since April), a descending trendline from January, and the 50% Fibonacci retracement of the downward impulse from May. The breakout had been anticipated by traders watching the tightening range.
What Made $75 a Tough Barrier
The $75.00 level acted as strong support in February and reversed into resistance from April onward. On the daily chart, a descending trendline extending from January intersected this horizontal level, while the 50% Fibonacci retracement of the May sell-off added extra significance. Multiple daily closes below $75 had kept bears in control until today's decisive move.
Minor Impulse Wave 1 Gains Momentum
The breakout accelerated the active minor impulse wave 1 in the Elliott Wave structure. Impulse waves typically exhibit strong directional force, often extending after a key resistance is taken out. The subwave count within wave 1 suggests the move is still incomplete, with typical targets pointing to the $90.00 area—the next major resistance level.
Bullish Sentiment and the $90 Target
Bitcoin's strength today lifted sentiment across altcoins, and Solana became one of the top gainers. The $90 level is both a psychological round number and a Fibonacci extension target. Related analysis notes that a clean break above $75 could open the door to $100, while a failed retest would put $60 in focus as key downside support.
This article reflects a technical perspective only. Markets remain volatile, and price action may deviate from wave projections.