Solana (SOL) Holds Critical Support Near $128, Next Price Move in Focus

• Solana (SOL) maintains key support near $128, indicating strength despite short-term fluctuations.
• Recent dip seen as a “Spring” shakeout, suggesting potential bullish reversal.
• Analysts highlight possible support retest around $119–$123, reinforcing positive trend structure.

Solana (SOL) is showing strength as it holds key support levels despite recent short-term fluctuations. Technical analysts believe the recent pullback was intentional rather than a true breakdown, keeping the overall price structure intact. This suggests that the trend remains tilted towards further upside.

Solana Holds Support Signaling Bullish Move

A crypto analyst, Alpha Crypto Signal, has pointed out that the major support level for the Solana coin is still holding despite the temporary drop below that level. While some people saw this as a breakdown of support, the crypto analyst believes that this is simply a shakeout.

Source: X

Describing this move in relation to market theory suggested by Richard D. Wyckoff, Alpha Crypto Signal referred to such a move as “Spring,” which is a temporary move beneath support to trigger sell stops for a subsequent bullish reversal.

Typically, in the past, such pricing action has led to a bullish response. Seeing that the level of support has continued to hold following such pricing action is normally an indication of strength, meaning the likelihood of further gains is high. Solana’s structure would still be in favor of higher pricing as long as it remains above the major support zone.

Also Read | Solana Faces Selling Pressure, Potential Recovery Zone Between $100–$115

Solana Price Eyes Support Retest

Adding to this outlook, More Crypto Online explained the price structure of Solana in detail as follows: It mentioned the five-wave advance of SOL’s price from the Thursday, December 18 low to the Friday, December 19 high. The fall was in three waves, thus representing a correction.

Source: X

The latest Sunday low is still emerging. In a structural context, a sound retest of the support level at $118.99-$123.47 would not counter the positive scenario; it would, in fact, help to establish the wave count for the continuation.

The analyst also pointed out that large market leaders are responsible for the trend. If Bitcoin or Ethereum start moving upward, SOL follows despite its poor short-term structure. In the smaller time frame, the recent move appears corrective; therefore, another support test may occur.

Overall, analysts believe that Solana’s structure remains positive despite the possible temporary correction to the level of support. If the levels hold, SOL’s future trend remains on the upside, not a large downturn.

Also Read | Solana (SOL) Poised for Big Move: Key Levels Could Trigger Rally to $300+