Solana (SOL) has found key support near the $70 mark, drawing the attention of multiple technical analysts who are closely watching price action around this level. One analyst sees an emerging bullish structure from a June low, while another warns of a short-term liquidity shakeout before the next leg higher.
More Crypto Online: Elliott Wave Points to $78–$89 Resistance Zone
Analyst More Crypto Online posted a 1-hour Elliott Wave chart on X, suggesting SOL has entered a fresh upward phase since bottoming in early June. Price has risen from the $57–$63 range to trade near $71.88. If the current trajectory holds, the next resistance area is expected between $78 and $89. Conversely, the $69–$71 zone must be defended in the short term to keep bullish hopes intact.
The analysis adds that if a deeper pullback materializes, the $65–$67 range comes into focus. This area, where prior support intersects with Fibonacci retracement levels, acts as a critical watchpoint. A breakdown below it would likely negate the positive outlook.
| Indicator | Level |
|---|---|
| Near-term support | $69–$71 |
| Secondary support | $65–$67 |
| Resistance zone | $78–$89 |
TraderSZ: Short-Term Liquidity Sweep Could Precede Rally
Analyst TraderSZ struck a more cautious tone, warning that SOL might briefly dip below intraday lows to sweep out liquidity before any new rally attempt. In his view, the ideal scenario would see a quick recovery after the shakeout, targeting session highs again.
TraderSZ shared a 10-minute chart showing SOL failed to break above the $75–$76 resistance area, leading to a recent pullback. The asset now tests support near $72.27, with the next critical level at $69.80–$70.00. If SOL briefly dips under the intraday low but rebounds strongly, price could retest the upper range near $75.
Such short-term downward moves often clear excess liquidity, paving the way for a bigger move. However, a sustained loss of the $70 region would weaken the bullish case and suggest sellers remain in control. The central question for traders now: Is this pullback just a liquidity sweep, or the start of a deeper correction? Price action around $70 will shape the near-term outlook.