Solana (SOL) traded at $105 on October 17 at 07:41 UTC, up 0.66% on its opening daily candle, according to a technical analysis published by Coindoo. The session ranged from $103.9 to $105.1, leaving the token roughly 16% below the measured rally high near $124.9.

In one sentence, the chart shows that $100 has held for now, but SOL has not yet repaired the breakdown: that requires a recovery of $109.7 first, followed by a reclaim of the former rising channel floor above it.

The $100 objective has been tested

Our previous Solana analysis, published on October 13, identified the loss of the ascending channel and support near $109 as reasons to watch the $100 area. That reading recorded an intraday low of $101.7, just above the 38.2% Fibonacci retracement near $100.2.

The updated chart shows another lower wick extending closer to the same retracement before SOL moved back toward $105. Because the exact low is not labelled, the chart supports describing an approach to the $100 band rather than a confirmed touch of both levels.

For now, SOL is holding above its latest low rather than directly retesting $100 in the current session. The overlap still gives the area weight: $100 is a widely watched round number, while $100.2 marks the 38.2% retracement of the preceding advance. Confluences of this kind, where a psychological level and a ratio-based reference point to the same zone, tend to draw outsized chart attention because multiple methods flag the same area at once. Recent lower wicks show buyers responding after intraday weakness, though they do not reveal how much demand would remain if price returns to the zone again.

The rebound faces two barriers, not one

The first barrier sits at $109.4–$109.7, where the 50-day simple moving average and the 23.6% Fibonacci retracement nearly overlap. Fibonacci retracements are ratio-based references calculated from the preceding advance, and the 23.6% level is the shallowest of the standard ratios, typically watched as a first checkpoint for how deep a pullback runs. A daily close above that narrow cluster would return SOL above both a short-term trend reference and a shallow retracement level.

That would improve the recovery, but it would not fully restore the former uptrend. The lower boundary of the broken ascending channel slopes upward and now sits above the horizontal $109.4–$109.7 area. SOL would need to reclaim that boundary separately to move back inside the channel that guided its earlier advance.

In plain terms, recovering $109.7 would show that buyers have retaken nearby resistance. Recovering the channel floor afterward would show that the broader rising structure has been repaired. Until both happen, the bounce can still fade within the correction.

If SOL clears those hurdles, the $115–$120 area becomes the next trading range to watch. The measured rally peak near $124.9 remains the higher resistance reference.

If $100 fails, the longer moving averages move into focus

A daily close below $100–$100.22, followed by an unsuccessful attempt to recover the band, would weaken the case that SOL is stabilizing around its current range. Attention would then turn to the rising 100-day SMA at $94.50 and the 50% Fibonacci retracement at $92.59.

Deeper ratios such as the 50% and 61.8% retracements represent progressively larger givebacks of the prior advance, which is why reactions around them are treated as broader tests of how much of the trend's structure survives the pullback. Those levels are close enough to form a support range roughly $1.90 wide, but they are not the same level. A move below $94.50 could still find a response near $92.59, while a sustained decline through both would provide stronger evidence that the correction is broadening.

The next lower references are the 200-day SMA at $87.47 and the 61.8% Fibonacci retracement at $84.95. The chart can identify the levels where price may react, but it cannot show how much demand is waiting at either level or guarantee that either will hold.

The 100-day and 200-day averages are still rising beneath SOL, while the 50-day remains above both. That ordering reflects the preceding advance. SOL trading below the 50-day average, however, shows that the shorter-term trend has deteriorated first.

Momentum has not caught up with the price bounce

The daily relative strength index (RSI) reads 40.06, below the neutral midpoint of 50 and below its smoothing line near 47.22. The indicator compares the magnitude of recent gains to recent losses over a fixed lookback window, so a reading below 50 means downside sessions have outweighed upside ones across that period. That is consistent with weaker momentum after the channel break. RSI remains above the conventional oversold threshold of 30, and the chart does not show a clear bullish divergence that would confirm a reversal.

An RSI move back above 50 would be more meaningful if it occurred alongside a daily close above $109.67. On its own, a small improvement in the indicator not resolve the price resistance overhead.

The chart's data provider does not supply volume for this symbol. There is therefore no volume evidence to confirm that the rebound is attracting broader participation or to measure the buying behind the lower wicks.

What bulls need — and what would weaken the bounce

SOL needs a daily close above $109.4–$109.7, followed by a successful retest of that cluster as support. Reclaiming the rising channel boundary afterward would strengthen the case for a move toward $115–$120.

Conversely, a close below $100 followed by a failed recovery would shift the focus to $94.50–$92.59. Only if that entire range gives way would $87.47–$84.95 become the next lower chart area.

This article is provided for informational purposes only and does not constitute financial or investment advice. Technical levels and indicators are interpretive tools, not guarantees of future price movement.