Solana Price Targets $80 After Support Level, Analyst Says

According to a technical analyst, the Solana price shows an interesting pattern. After a sharp decline towards $60 in June, the price is picking up again, and the analyst sees room for a further rise towards the resistance level of $80.

Solana is available on OKX and Bybit.

Support level around $67 holds

On the 12-hour chart of Solana, it is clear that the price finds a support zone between $67 and $68. After a sharp downward movement in June, the price bounces off this level and begins a recovery. The analyst indicates that his levels are working well and that the setup ultimately turns out to be profitable.

However, he encounters a small setback. Due to a so-called illiquid sweep in Bitcoin, his stop on the Solana position is triggered, after which he re-enters. That second attempt yields a good return. At the time of the analysis, Solana is trading at around $71.

Eye on $80 as the next target

The drawn line in the chart shows an expected scenario where the price first consolidates around the current level, then falls back again towards the support zone, and subsequently makes a stronger upward move. The first major target is at $80, the level that previously served as resistance.

Whether Solana actually reaches that level is naturally still uncertain. The analyst cautiously states that it remains to be seen whether the price can rise further. For those who want to learn more about how Solana works, this explanation about Solana offers a good starting point.