Solana Bulls Brace for Impact: Why $123 and $116 Are the Make-or-Break Levels to Watch

Solana's price action is flashing warning signs—and traders are eyeing two critical support zones. Here's the breakdown.

The Mid-Zone Safety Net

Analysts pinpoint $123 and $116 as the next battlegrounds for SOL. Lose these, and the 'Ethereum killer' narrative starts looking like just another overhyped trade.

Why These Numbers Matter

Technical charts show heavy liquidity pools at these levels—where algos and whales either pile in or bail. Retail? They'll be left holding the bag as usual.

The Bigger Picture

Another day, another 'critical support' call in crypto. But with Solana's history of wild swings, these levels could either spark a rebound or accelerate the freefall. Place your bets—wisely.

Solana Holds Key Support As Analysts Eye Bullish Scenarios

Solana is currently trading about 50% down from its all-time highs, with the explosive momentum seen at the end of 2024 now replaced by more subdued price action. The asset’s underperformance has left investors cautious, but many analysts remain optimistic about Solana’s potential once a new altcoin rally begins. For now, the focus is on holding critical demand zones that could determine whether SOL is gearing up for a recovery or further downside.

According to Efloud, if bitcoin continues consolidating sideways while Bitcoin dominance rises, Solana may find support at several mid-zones, particularly around $123 and $116. The $140 region has historically acted as a strong support/resistance flip, and a deviation around this level—losing it briefly before regaining it with strength—could present a short-term buying opportunity.

Efloud notes that this scenario doesn’t necessarily imply that SOL must drop to those levels, but current market conditions—aside from Bitcoin—lack strong pair structures. If SOL can decisively break above the $168 resistance, a new leg upward could be triggered, with $230 potentially acting as the next major resistance zone.

On the SOL/BTC pair, Efloud is watching for a reclaim of the 0.0015 level or a pullback toward 0.00115 for confirmation. Another key support sits at 0.000988 sats.

Despite the current cooling, the structure may still offer solid opportunities for new entrants. If these levels hold and macro conditions improve, SOL could be setting the stage for a sustainable rally, ultimately leading to new all-time highs.

Weekly Chart Analysis – Holding the Line Near Key Support

Solana is currently trading at $148.33 on the weekly timeframe, showing a 3% decline over the past seven days. The price has dropped roughly 20% from its May high of around $185 and is now testing the critical $140–$150 support zone. This level has repeatedly acted as a pivot point in the past and could define SOL’s short-term trajectory.

The chart shows that solana has been unable to reclaim the 50-week moving average (currently near $170), which now acts as key resistance. A decisive weekly close above this level would open the door for a bullish continuation toward $185 and possibly $200. However, failure to hold above the 100-week moving average around $132 could lead to further downside pressure, with $123 and $116 as the next demand zones to watch—levels identified by analyst Efloud in his mid-zone scenario.

Volume has declined steadily over the past three weeks, signaling reduced participation, but also suggesting that aggressive selling is fading. If bulls manage to reclaim $160 with conviction, the structure remains favorable. For now, SOL remains in a consolidation phase, awaiting either a breakout or further correction as broader crypto market conditions unfold.

Featured image from Dall-E, chart from TradingView