Solana's recent bounce is being put to the test as analysts examine key resistance levels and potential downside risks. The cryptocurrency has seen a sharp rebound, but experts are cautious about calling it a true reversal until more evidence emerges.
The chart suggests that Solana may need one deeper move before a stronger recovery can begin. Analyst Minga is tracking the same higher-timeframe idea and plans to scale into spot between $58.80 and $40.60, which he views as an untapped imbalance area and potential macro bottom region.
However, if buyers fail to defend this zone, the chart points to more downside risk or sideways chop. The $40.60 level is especially important, sitting near the lower part of a blue accumulation box. A reaction from that area could support the idea that the broader correction is close to ending, but a clean breakdown would keep the deeper downside scenario in play.
Meanwhile, another analyst, Jesse Olson, notes that Solana has hit all four upside targets but now needs confirmation at a key resistance box. If SOL cannot turn this area into support, the move could fade into sideways chop or another pullback.