Solana is approaching a major support area after dropping to its weekly lower Bollinger Band and nearing a key buy zone between $58 and $67. While one analyst sees signs of heavy selling pressure, another believes a final retest of support could set the stage for a rebound toward $120-$175 later this year. Solana Price Hits Weekly Lower Bollinger Band as Selling Pressure Intensifies Crypto analyst Cheds Trading noted that Solana (SOL) has fallen into the lower Bollinger Band on the weekly timeframe, a level traders often watch for signs of oversold conditions or trend continuation. Solana Weekly Chart (SOL/USD). Source: Cheds Trading on X / TradingView The chart shows SOL dropping to approximately $68 after a sharp weekly decline. The move pushed price directly into the lower Bollinger Band near $67, placing Solana at one of its weakest technical positions since the beginning of the year. Bollinger Bands measure volatility by plotting standard deviations above and below a moving average. When price reaches the lower band, it can indicate that selling pressure has become stretched. However, in strong downtrends, assets can continue trading along the lower band for extended periods. The chart also shows SOL trading below its short-term and medium-term moving averages, including the 8-week, 34-week, and 50-week averages. Meanwhile, the 200-week moving average near the $100 area remains well above the current price, highlighting the extent of the recent decline. Trading volume increased during the latest sell-off, suggesting stronger participation as price broke lower. The weekly lower Bollinger Band near $67 now represents a key area traders may watch to determine whether Solana can stabilize or continue its downward trend. A sustained move below the lower band could signal continued weakness, while a recovery back inside the Bollinger Band range could indicate that selling momentum is beginning to slow. Solana Price Nears $58-$67 Buy Zone as Analyst Sees Rebound Toward $120-$175 Crypto analyst Jack Adams said Solana (SOL) could retest the $58-$67 range before attempting a recovery toward $120-$175 later this year. Solana Weekly Chart (SOL/USDT). Source: Jack Adams on X / TradingView The chart marks a broad buy zone between roughly $58 and $67, close to previous monthly wick areas that acted as major reaction points in earlier cycles. SOL is currently trading near $72.61, putting that support zone within reach after the latest decline. Adams argued that Solana may revisit this area once more before reversing higher. He said the move could happen quickly rather than through a prolonged slow decline, based on the SOL/BTC and ETH chart structures. The chart also shows SOL trading below the 14-week EMA near $87.70, which remains an important short-term resistance level. A recovery above that moving average could be an early sign that selling pressure is weakening. The analyst identified $120-$175 as a possible upside range if SOL holds the marked support zone and begins a new recovery phase. However, a clean break below $58 would weaken the setup and put the broader bullish reversal scenario at risk.
