Solana Price Prediction: Analysts Eye $113 or $134 Rebound Ahead

Solana price is struggling to keep above $120 after heavy selling over the last week. Analysts are still divided. Some of them are calling for deeper correction. At the same time, others are seeing signs of a possible relief bounce forming.

Solana Price Dips Below Trendline Support

Ali Charts posted d on X, “Not looking good, bruv,” alongside a 3-day chart showing Solana losing its long-term trendline. The visual showed SOL price breaking under a diagonal support line that had existed since late 2022.

At press time, the Solana price was trading around $122, down sharply from recent highs of around $150. The chart is suggesting more downside is possible, especially if there is continued weak momentum.

Ali’s chart showed a break in structure, with no immediate signs of reversal. Price holds critical support near $118 and $113. A break below these levels triggers selling pressure. Deeper losses unfold if support fails.

The bearish momentum is accompanied by a pullback in the broader market, including low Bitcoin and Ethereum prices. SOL price surged strongly since late 2023. Now it pulls back as risk appetite fades. Weak sentiment drags momentum lower.

Bounce Possible to $134 if SOL Price Holds this Zone

CryptoTony provided a more optimistic outlook in the short term. He posted a range-bound chart of Solana sweeping the $118-120 range low and bouncing slightly. According to Tony, there is a minimum recovery target of $134 as long as bulls recapture key support.

However, the path forward is uncertain. The chart structure depicts Solana price trapped between 2 important zones: $118 support and $134 resistance.

A strong daily close above $130 would signal strength. However, failure to hold the $120 floor could send Solana tumbling to $113 or even lower.

Another analyst, Cypher, also weighed in. He argued that the SOL price dropped sharply into a demand zone between $117 and $120 before printing a bounce.

He called the rebound encouraging but fragile. Bulls must reclaim $122 to prove strength. Holding that level confirms continuation.

“If Sol holds $118-120, we may retest $126-130,” Cypher explained. “Losing $118 would make this bounce invalid and open $115-$113 next.”

Momentum Gauges Suggest Bearish Bias May Be Fading

While some indicators flash caution, others suggest possible exhaustion in selling. Analyst James Easton pointed to on-chain Z-score metrics. He stated that the Solana price is reaching an area that historically indicated reversal points.

The Z-Score is now at -1.28, close to past levels that were used to mark bottoms in deep bear markets. Easton noted, “The last time we hit levels this low was the bottom of the bear or a major reversal.”

The accompanying chart revealed that Solana bounced strongly following previous Z-Score drops below -1.2.

He concluded that bullishness is rising. Sentiment stays fragile but shows signs of resilience. Technical exhaustion gives buyers a chance for a relief rally. Still, confirmation would have to break back above $130 with volume support.

Market Sentiment Cautious as Solana Price Struggles

Meanwhile, the SOL price is still under a lot of pressure as traders are eyeing key areas between $118-$130. Whether this bounce is continued and maintained or not depends on market cues and volume strength.

The fear and greed index across the crypto markets is still in “fear” territory, indicating weak investor confidence. Solana is no exception to these dynamics.

As Bitcoin continued to trade below important resistance and Ethereum was still locked in a battle at $2,900, altcoins such as SOL are not safe.

In the near term, eyes will be on whether the Solana price can recover $124 and continue to hold above $130. A failure to do so, therefore, might renew bearish trends, taking the price down to $113 or lower