Solana's price action is drawing close attention as traders watch how the pivotal $105 level shapes the token's next move. The cryptocurrency has staged a solid rebound from its June bottom near $65 and now confronts a crucial resistance zone that has previously played a significant role in its market structure. The rebound comes after a broader drawdown across the crypto market from earlier-cycle highs, with SOL still trading well below the peak levels it reached during the late-2024 and early-2025 rally.

At the time of writing, Solana (SOL) is trading around $104.82, up 2.42% over the past 24 hours. Daily transaction volume for SOL is estimated at $5.25 billion, while its market capitalization stands at $61.37 billion, representing 2.27% of the total crypto market — a share that keeps Solana among the largest crypto assets by market value, behind Bitcoin and Ethereum.

Solana Price Could Extend Gains After $105 Breakout

According to a recent post by crypto analyst Nehal, reclaiming $105 could strengthen the current bullish setup and position SOL for higher targets. The token is currently challenging that level from below after bouncing firmly off the June bottom near $65.

A decisive break above $105 could improve Solana's near-term prospects. Based on the technical setup outlined by the analyst, reclaiming this level could open the path to further gains at $120, and even $140 in the event of a larger impulse move. Conversely, failure to break through the resistance could send the price back toward lower support levels.

Solana Technical Setup Points Toward Higher Targets

A separate technical analysis suggests that Solana may have completed a Wave (4) correction within a broader ascending wave pattern. According to this analysis, the primary support zone sits at $94.50–$95.50, while resistance is located at $109.50–$110.50.

Under this framework, the first upside target is $110, followed by $112.50 if SOL confirms a breakout. A stronger continuation could then push the price toward $116.50, described as the potential Wave (5) target zone.

The $94.50–$95.50 region remains critical to the bullish structure. A sustained move below this range would weaken the current setup and could increase selling pressure.

Solana's recovery follows a significant decline from previous highs, making the current price zone an important reference point for assessing whether the broader rebound can continue. Rising trading volume accompanying the latest price increase suggests market participation remains elevated, although confirmation above resistance is still required. Beyond price action, Solana has remained one of the most actively used smart-contract networks, with sustained on-chain activity across DeFi and memecoin trading historically contributing to fee generation and network usage — a fundamental backdrop traders often weigh alongside technical levels when evaluating whether rallies have support.

What Comes Next for Solana Price?

The next major test for SOL is whether buyers can turn the $105 level into support rather than resistance. A confirmed move above the $109.50–$110.50 band would strengthen the bullish case and bring $112.50 and $116.50 into focus.

For now, the $94.50–$95.50 support zone serves as the key downside reference. The market's reaction around $105 could therefore determine whether Solana extends its recovery or enters another pullback.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.