SOL rebounded this week and was blocked near $110, and the short-line movement began to weaken. According to external media, this turnback is more like an internal adjustment in the upper course than a reversal of the trend, provided that several key supporting positions are not lost.

As at the time of the submission, SOL reported $105.23, an increase of 12.3 per cent over the past week. According to the report, analysts had previously considered $110 as the first critical holding area, with prices falling after touching that position and returning slightly later than similar moves on the recent Bitcoin chart.

A short-range observation area of $102 to $95

The article mentions that the current market is mainly concerned with the two supporting compartments. One of them is between US$ 102.57 and US$ 106.76, and the region is more ambivalent and relatively weak.

The more visible support belt is between $90.46 and $94.83. It is based on the Feponacci retreat from the low point on August 16th to the high point this week, and is considered to be more important for the maintenance of this rising structure.

  • Weakly supported compartments: 102.57 to 106.76
  • Key support areas: US$90.46 to US$94.83
  • Current price: $105.23

Break the upper support or increase the back pressure

Analysts believe that if the weaker support above is first broken, there will be an increase in pressure to explore key support areas below the price. By that time, SOL will need to stabilize in the vicinity of the low zone formed on August 26th in order to maintain the current partial structure.

If the price falls further, the above-mentioned increase will be destroyed and the short-line down-line space may be expanded. At the same time, the report notes that price fluctuations below $110 have become more recurrent, with upward kinetic energy slowing down more than before, and the likelihood of a deeper reversal before the weekend is rising.

You can still see $133.

In the upper direction, the report quotes the analyst's Fabonacci resistance as saying that SOL's next target can still be seen at $133.

According to the article, the next direction of SOL depends on whether the narrow range of $102 to $95 can be maintained. If the price remains above the region, the market will retain the expectation to continue to explore; if it fails, the focus will be on the delivery near $90.