Crypto
Solana Price May Stay Near $100 Until This Happens
Solana was rejected at $123 and is drifting back toward $99. Rekt Capital says the token will keep ranging until a weekly close confirms a breakout.
BLOCKINSIDERLoadingSolana was rejected at $123 and is drifting back toward $99. Rekt Capital says the token will keep ranging until a weekly close confirms a breakout.
Solana is stuck between two levels, and analyst Rekt Capital says it will likely stay that way until price confirms a clear break in one direction.
After a rejection near $123, SOL is now sliding toward the bottom of its range around $99, and spot ETF investors are pulling money out at the same time.
In his latest newsletter, Rekt Capital pointed out that SOL was rejected from $123.28, the top of its current range. He had already flagged room for a pullback into $99.06, the range low, and that move is now happening.
His view is that Solana will keep consolidating between these two levels until the weekly chart picks a side. The first path is a weekly close above $123.28 followed by a retest of that level as new support. SOL did something very similar in 2024 before its breakout, so the pattern has a track record on this chart.
The second route could be a weekly close below $99.06, followed by a failed retest that turns the old support into resistance. This would point to more downside. SOL briefly went through that same sequence in early 2024.
US Solana ETFs are not helping the bulls. Data from SoSoValue shows eight straight trading days of net outflows, starting on October 5 and running through October 14.
The biggest single-day exit in that stretch came on October 5, when funds lost $9.25 million. Outflows followed on each of the next four sessions, adding up to $24.81 million for the week ending October 9.
This week has opened with smaller withdrawals of $699,830, $1.04 million, and $1.29 million, bringing the running total to $3.03 million so far.
Across the eight days, the products have lost roughly $27.8 million. The last day of net inflows was October 2, when they added a modest $1.30 million.
Rekt Capital’s chart still leans toward a Solana recovery. SOL bounced from the $60 to $70 region earlier this year, climbed above a rising support trendline, and reclaimed $99.06 along the way. That reclaim gave buyers some short-term strength.
The rally then ran into $123.28. Sellers stepped in there and pushed SOL back toward $107, and the pullback now appears headed for the range low. Holding $99.06 would keep the recovery structure strong.
A descending trendline connecting earlier highs still sits above price, and the $190 to $200 zone stands out as major resistance. That area only becomes relevant once SOL clears $123.28 on a weekly basis, so it is a longer-term target for Solana.
If the range low gives way on a weekly close and the retest fails, Rekt Capital expects SOL to drop back toward its higher low trendline.
Based on the current slope, that line could meet price somewhere in the low $80s. The trendline is rising, so the exact level depends on when the bearish retest happens.
The $82 to $85 zone also lines up with an area where SOL consolidated during its recent recovery, which gives that region some extra weight as support. A bigger drop below it would bring $67.81 back into view, the major lower support if the recovery fails outright.
On the bullish side, a hold at $99.06 and a push back toward $123.28 would keep the range trade alive. A weekly close above $123.28 with a clean retest would confirm that Solana’s next leg up has started.
Until one of those two confirmations shows up, traders should expect SOL to trade between roughly $99 and $123.
No comments yet
