Solana Price Analysis

From a technical perspective, Solana is still working through a corrective phase after dropping from the late-October swing high above $205 to the mid-November low around $121. The Fibonacci retracement drawn over this swing shows that the current rebound has so far struggled to clear the 23.6% level around $141, with price now hovering below that area.

Above, the next resistance clusters sit near the 38.2% retracement around $154, the 50% level near $163, and the 61.8% level around $173.

Unless bulls can reclaim at least the 23.6%–38.2% band with conviction, the bounce still looks more like a relief rally inside a broader downtrend than a confirmed trend reversal. If the price faces further resistance at 23.6%, Solana could plunge further to test the liquidity at $121.65.

Meanwhile, momentum indicators back up this cautious view. Specifically, the daily RSI has recovered from near-oversold readings around 30 to roughly 42, signaling that the intense selling pressure has cooled but that buyers do not yet have clear control.

The oscillator remains below the neutral 50 line, keeping the bias slightly bearish. A sustained move in RSI above 50–60, coupled with a break of the $153–$163 Fibonacci zone, would strengthen the case that November’s low marked a medium-term bottom.