Solana Price Bounces Back 23%, But Can It Break the $80 Barrier?

Solana's price has bounced back nearly 23% from its June low of $60, but it still faces a significant hurdle at around $80.

The token is currently trading at approximately $74 after experiencing a sharp sell-off in early June that pushed the price below a key support zone.

Crypto analyst Ali Charts has flagged a TD Sequential sell signal on the 4-hour chart, indicating a possible reversal in trend. The sell signal coincides with resistance at $74.65 and the 200 Simple Moving Average (SMA) at $75.

However, some analysts remain bullish on Solana's ecosystem and believe that the current recovery is more than just a bear trap. BitGuru notes that SOL has bounced from an important reversal zone where sellers previously dominated, indicating accumulation behavior rather than a longer bear trend.