Will $139 Hold or Collapse?

Key Insights:

• Solana sits at crucial weekly support; $117 breakdown opens the path toward $90–$62 range.
• No strong bullish structure yet; lower timeframes must confirm bounce for trend to change.
• $250 remains the resistance to beat; breaking it could trigger new highs near $500.

Solana (SOL) was holding near $139 after a sharp weekly drop, now sitting at the edge of a key support range. Price has entered a zone between $138 and $118, an area that could either catch a bounce or give way to deeper losses. For now, traders are watching closely, but confirmation remains limited.

$138–$118 Zone in Focus

This range has been marked out as a major level on the weekly chart, supported by Fibonacci levels at $138.30 and $117.96. A small green candle has formed, but that alone doesn’t confirm support is holding. Analysts say lower timeframes—like the 15-minute to 4-hour—need to show a proper move off the lows before calling a bottom.

If the price slips below $117, the next support zone appears between $90 and $62. That range includes deeper Fibonacci levels and has been flagged as the next spot to watch if the current zone breaks.

Price Still Trapped in Sideways Range

Solana has been trading inside a wide range between $120 and $250 since mid-2024. After rallying from under $10 to above $250, price has held high but hasn’t pushed beyond its prior top. This long consolidation could lead to either a new rally or another drop, depending on how this support area reacts.

Trader  the dude  noted that the current pattern “resembles a head and shoulders a little too well” but believes it could flip into a cup and handle, which usually points higher. “This range eventually breaks up, $SOL clears the $250 double top, and we start pushing toward $500,” he said.

Key Levels to Watch

The $250 resistance is a major barrier for bulls. If Solana breaks above it, it may confirm a new trend higher. On the downside, losing the $118 support would likely shift focus to the $90–$62 zone. Until one of these moves plays out, the current range remains in control.

Traders are keeping an eye on lower timeframe moves to see if buyers are stepping in. Without a clean structure forming off the lows, the chart offers no clear signal yet.