Solana is testing a key setup after sellers rejected SOL near the $98 resistance zone. However, the price still holds important short term support, keeping the breakout scenario alive for now. Solana Price Faces $98 Breakout Test After Channel Rejection Solana price is trading near the upper part of its daily range after a failed attempt to break the $98 resistance level, according to the SOL chart shared by Ali Charts. The chart shows SOL moving inside a defined channel since February. The lower boundary sits near $78.17, while the upper boundary stands near $97.79. The mid-range area is around $88.02, with another key level near $92.89 Solana Daily Channel Chart. Source: Ali Charts on X SOL recently tested the channel ceiling near $98 but faced a quick rejection. After that move, the price pulled back toward the $91 area. This shows that sellers still control the upper range for now. However, the chart also shows SOL holding above the $88 pivot level. That keeps the broader channel structure intact. As long as Solana stays above this mid-range zone, another move toward $98 remains possible. A daily close above $98 would mark a bullish breakout from the range. In that case, Ali Charts points to $107 as the next target, followed by a secondary target near $117. If SOL fails again near $98, the price could move back toward the $88 pivot. A deeper pullback could bring the $78 floor back into focus. That level has acted as the main support zone during the channel structure. For now, the key level is clear. Solana needs a daily close above $98 to confirm a breakout. Without that close, SOL remains inside the range between $78 and $98. Solana Price Holds 50% Retracement as SOL Tests Short Term Support Solana is trading near the $93 area after bouncing from the 50% retracement zone on the 4 hour SOL/USD chart shared by MCO Global Español. The chart shows SOL pulling back after a move toward the $97 area. The price then dropped into the orange Fibonacci retracement box, where the 38.20% level sits near $91.97 and the 50% level sits near $90.25. Solana 4 Hour Fibonacci Retracement Chart. Source: MCO Global Español on X SOL reacted from that 50% zone and moved back above $93. This shows buyers defended the short term support area for now. The key level is the recent intraday low near the lower part of the orange box. If SOL stays above that low, the white Elliott Wave scenario remains active. Under that setup, SOL could attempt another move toward the $97 resistance area first. A stronger continuation would put the next upside zone near $110 to $112, where the chart marks a possible higher wave target. The wider upper target area sits near $121.96, based on the horizontal resistance line at the top. However, if SOL loses the intraday low and breaks below the $90.25 area, the short term bullish setup weakens. In that case, price could move toward the lower support levels near $77.95 and $75.40.
