Analysts highlight $58.80 to $40.60 as key accumulation zone for Solana, warn risk of deeper correction

Solana recently posted a strong rebound, but analysts caution that this price surge has not yet signaled a lasting trend reversal. According to market experts, Solana must convert key resistance areas into support to sustain its recovery. Failure to do so could result in a return to sideways trading or spark a deeper retracement in price.

Critical support zone in the broader timeframe

A market analyst known as Minga suggests that, on a larger timeframe, Solana is still undergoing a corrective phase. After completing its previous upward swing, the price broke down from a broader distribution pattern, currently moving through what analysts term the “C” stage of the correction.

Minga continues to monitor the $58.80 to $40.60 range as a potential spot-buy zone and possible macro bottom for Solana. This area, which has not yet been thoroughly tested, stands out as a region with notable market imbalance. Of particular significance is the $40.60 mark, as it lies close to the lower edge of a key accumulation box.

A strong rebound from this range would lend weight to the view that the broader correction phase is nearing its end. However, if Solana fails to hold above $58.80 to $40.60, a deep correction scenario toward the $21.63 level remains in play. Minga identifies this price as the next key support where significant downward pressure could emerge.

Short-term resistance test takes center stage

On the daily chart, chartist Jesse Olson emphasizes that Solana has staged a sharp rally from its June lows, managing to break above its descending trendline. The price climbed into the upper region, reaching the green target box outlined in Olson’s analysis. He points out that all four of his upside price targets have now been hit.

This target area is pivotal: failed breakouts at resistance can often mark the end of short-term uptrends. If sellers regain control and the price is rejected from here, Solana could test lower support levels once again.

Analysts observe that, despite the recent rally, Solana’s momentum on higher timeframes remains relatively weak. As a result, this move is not yet viewed as the start of a new primary trend. Should the resistance area hold as support, the outlook may brighten. Conversely, losing this level would reintroduce downside risks and keep the outlook choppy and uncertain.

In the near term, the central question for the market is whether buyers can defend the current target zone. Holding this area as support could keep the rally alive. If Solana loses this level, however, a weaker technical outlook comes back into focus.

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