Solana (SOL) Holds Above Key Support — Can the Rally Continue?

Solana (SOL) has gained nearly 12% over the past month, continuing its recovery after a volatile year for the broader crypto market. Despite the recent strength, SOL remains down around 7% since the beginning of 2026, meaning the token is still working to recover losses accumulated earlier in the year.

With SOL now trading around $116, the price has pulled back after repeatedly approaching the $124 area. The broader recovery remains constructive on the daily chart, but the latest rejection places renewed focus on whether buyers can defend the higher price range or whether a deeper correction develops.

Solana technical analysis

SOLUSD - 1 Day Time Frame

SOL is currently trading around $116, following a pullback from the resistance area near $124. The token approached this level several times during late September and early October but has so far been unable to establish itself above it.

The nearest major support is located around $96. This area formed during the latest bullish expansion and represents the first important level to monitor if the current correction extends further. Holding above $96 could help preserve the improving medium-term structure and provide a foundation for another attempt toward the recent highs. Conversely, a sustained move below this support could weaken the latest recovery and increase the possibility of a deeper correction.

Below $96, the next significant support is located around $71, which previously acted as an important base before SOL accelerated higher in August. A deeper decline could eventually place the broader structural support near $60 back into focus.

Solana price target

The immediate upside target is the resistance area around $124. SOL has already tested this region multiple times, making it the main barrier buyers would need to overcome for the recovery to extend. A sustained breakout above $124 could strengthen the bullish picture and potentially open the way toward higher price levels beyond the current chart range.

On the downside, continued rejection from $124 could leave SOL consolidating above the $96 support area. A sustained break below this level could shift attention toward $71, while further weakness could bring $60 back into focus. For now, $96 represents the key downside level to watch, while $124 remains the main upside obstacle. Holding support could keep another breakout attempt in play, while a sustained move below $96 could increase the risk of a broader correction.'

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