Solana faces a critical resistance test after completing a strong bounce, with analysts watching key price levels to determine if the recovery can sustain momentum. Analyst Minga identifies the $58.80-$40.60 range as a potential macro accumulation zone, while analyst Jesse Olson reports SOL has reached four upside targets and now must flip resistance into support to validate the move. The bounce follows a rebound from June lows, but higher timeframe momentum remains bearish, requiring confirmation at current resistance levels before traders can consider the move a genuine reversal. SOL's price action is currently moving through what technical analysts describe as corrective wave C after completing a previous bullish wave count, with the chart showing a breakdown from a broader distribution pattern.
Minga Identifies $58.80-$40.60 as Potential Accumulation Zone
Minga tracks the $58.80-$40.60 area as a potential accumulation zone where buyers may defend before a stronger recovery begins. The analyst plans to scale into spot positions within this price range, which the chart marks as an untapped imbalance area and potential macro bottom region.
The $40.60 level sits near the lower part of the accumulation zone on the chart. The chart also marks a deeper scenario at $21.63, which remains a lower-risk zone if the $58.80-$40.60 area fails to hold.
The chart shows SOL following a higher-timeframe corrective structure after completing a previous bullish wave count. Price has broken down from a broader distribution pattern and is moving through corrective wave C according to the analyst's labeling.
Jesse Olson Reports SOL Hits Four Targets at Resistance Box
Jesse Olson confirms SOL has hit four of four upside targets, with the price now reaching the target box marked near the upper range of the current move. The chart shows SOL breaking above a descending trendline after the rebound from June lows.
The analyst identifies the current target box as the next test point. The chart shows higher timeframe momentum remains bearish, meaning the rebound is not confirmed as a full trend reversal. The target box represents the key level where SOL must hold as support to maintain the bounce.
The chart marks the green target box near the upper range of the current price movement. According to the technical structure shown, failed resistance flips at this level often mark the end of short-term bounces.
FAQ
What price levels is analyst Minga watching for Solana?
Minga identifies the $58.80-$40.60 range as a potential accumulation zone and plans to scale into spot positions within this area. The analyst also marks $21.63 as a deeper scenario level if the primary zone fails to hold.
What targets has Solana reached according to Jesse Olson?
Jesse Olson reports SOL has hit four of four upside targets, with price now at the target box marked near the upper range of the current move after breaking above a descending trendline following the rebound from June lows.
What is Solana's current technical structure?
The chart shows SOL moving through corrective wave C after completing a previous bullish wave count, with price having broken down from a broader distribution pattern. Higher timeframe momentum remains bearish according to the analysis.
