Solana tests $98 support as next target set at $117 after breakout

Solana’s $98-$100 Range Becomes Focal Point

Technical analysis highlights $98-$100 as a critical area for the short-term direction of Solana. A recent breakout propelled SOL above this previously contested price band, but analysts emphasize that this zone now needs to function as support to sustain the asset’s upward trajectory.

Gordon, a market chartist active on X, identified $117 as the next primary resistance should SOL succeed in holding above $98. His analysis notes that $117-$118 previously served as support before Solana’s sharp price fall in February and now presents the first significant upside target in the current recovery.

Gordon’s outlook suggests that, “A return toward $98 could provide the retest needed before SOL challenges $117.”

The technical structure underlines the importance of turning former resistance into support. If Solana maintains price action above $98, it could reinforce the trend, allowing the asset to approach interim levels at $104-$110 before potentially testing the $117 barrier.

However, should SOL fall below $98, this would weaken the bullish structure and likely invalidate the immediate push toward $117, instead opening up a higher likelihood of deeper price consolidation.

On Wednesday, Solana traded close to $100, with session ranges between $98.45 and $104.36, according to data compiled by Investing.com.

Macro Downtrend Break Offers Broader Optimism

A second, longer-term charting perspective indicates Solana has broken above its descending trendline, which has limited recovery attempts since previous peaks near $250. This break may signal a larger market structure reversal and suggests room for a more sustained upside if major support levels hold.

Wealthmanager, another analyst posting on X, labels Solana’s move through approximately $98 as a market structure shift, indicating a potential end to the persistent bearish trend. In technical parlance, a market structure shift (MSS) signals an underlying change in trend direction.

The analysis does not expect immediate steep gains and instead projects a period of volatility, with the possibility of price visiting the $80-$85 area—a zone identified as deeper structural support—before any renewed bid for higher levels.

Should this lower support area hold, the projections extend to a gradual recovery toward $120-$145, and, in favorable conditions, an eventual approach to the $180-$250 range, though these higher levels remain theoretical for now.

For market participants tracking trend reversals, the $98-$100 confirmation zone and the $80-$85 support region are likely to be closely monitored as critical structural reference points in the coming weeks.

Mini dictionary: Market structure shift (MSS): In technical analysis, this refers to a significant break in a trend-defining price pattern, often indicating the potential start of a new trend direction.

Network Developments and Broader Market Conditions

Macro factors remain a headwind for digital assets, including Solana. A stronger U.S. dollar, higher Treasury yields, and regional geopolitical uncertainty have all contributed to a less favorable risk environment, with major cryptocurrencies like Bitcoin and Ether also experiencing selling pressure this week.

In parallel, Solana’s network is preparing for potential upgrades later in the month. Anza, a key Solana development team, has set a tentative schedule for the Agave v4.3 rollout, including general mainnet adoption as soon as September 21 and planned mainnet-beta features for the Alpenglow upgrade from September 28. Both dates are subject to adjustment.

Based on these technical and fundamental signals, the $98-$100 price range remains the primary area of interest for Solana in the near term. A successful defense could pave the way to $117, while a breakdown would likely signal a broader retest before any renewed rally attempt.