Solana is testing a key resistance zone near $75.50-$75.66 as analysts present conflicting views on the cryptocurrency's near-term direction. Analyst Mercury suggests SOL could be forming a larger bottom, while trader TraderJqrit warns the move could turn into a rejection setup. The divergence centers on whether SOL can reclaim the $77-$78 level, which marks the lower edge of a prior multi-month range and serves as a critical threshold for confirming a stronger uptrend versus triggering a pullback toward $63.
Mercury Identifies $78 as Critical Reclaim Level for Bullish Confirmation
SOL is trading near $75.50 as Mercury states the cryptocurrency could be close to a larger bottom, though the chart requires a clear reclaim of its longer-term trend before confirming a stronger uptrend. The chart shows SOL attempting to move back toward the $77-$78 area after a sharp decline from previous highs.
According to Mercury, this zone marks the lower edge of a prior multi-month range. A stronger bullish signal would come if SOL reclaims the longer-term trend and moves back inside its previous four-month range, which would suggest the recent drop was a deviation rather than the start of a deeper breakdown.
The first key area to watch is near $78. A clean move above that level could give buyers more control and open the door to a move toward the next resistance zone near $95. If momentum continues, the chart points to a larger upside area near $122, which marks another major resistance zone and would likely require stronger confirmation before becoming the main target.
For now, SOL needs to reclaim the $77-$78 range first. A rejection from that area would keep the market vulnerable to more sideways or bearish price action.
TraderJqrit Warns of Rejection Risk Near Range High
SOL is trading near $75.66 after pushing into a key resistance zone, and TraderJqrit states the move could turn into a short setup if bulls fail to hold the breakout. The chart shows SOL testing the top of its recent range around the $75-$76 area, which is marked as resistance. Price has already pushed above nearby highs, suggesting liquidity above the range may have been taken.
According to TraderJqrit, this matters because breakout traders may now be chasing the move higher. If that breakout fails, the setup could trap late longs and shift momentum back to the downside. The bearish scenario depends in part on Bitcoin, as the trader states a lower-timeframe shift in BTC could support a SOL reversal and make a short trade back toward the range lows more attractive.
The main downside area on the chart sits near $63.33. That level is marked as the zone to hold and lines up with the lower part of the recent range. The key question is whether SOL can turn the breakout into a real continuation move. If it cannot, the chart suggests rejection from range highs could send price back toward the $63 area.
FAQ
What price level does Mercury identify as critical for Solana's bullish confirmation?
Mercury identifies $78 as the key reclaim level. A clean move above that level could give buyers more control and open the door to a move toward the next resistance zone near $95, with a larger upside area near $122 if momentum continues.
What is TraderJqrit's downside target if Solana's breakout fails?
TraderJqrit identifies $63.33 as the main downside area. That level is marked as the zone to hold and lines up with the lower part of the recent range, which could be reached if rejection from range highs occurs.
