SOL must break $106 for a true recovery

Cointurk2026/05/02 12:30

By:Cointurk

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SOL, after a sharp drop, is making efforts to recover lost ground. Analysis of both price charts and liquidation maps indicates that the market pressure has not been fully relieved. There is a major cluster of short positions accumulating between $84 and $87, while analysts point out that SOL needs to move above $106 to signal a strong renewed uptrend.

Liquidation maps reveal key risk zones Chart analysis highlights major resistance at $106

Liquidation maps reveal key risk zones

According to liquidation maps, SOL began rebounding towards $84 after the sudden plunge on April 30. Notably, a significant concentration of liquidity has developed between $84 and $87. This cluster suggests that, following recent long position liquidations, the market is now placing greater pressure on short positions in this area.

“Liquidation maps show the price points where leveraged positions are likely to be forcibly closed. The liquidity piling up between $84 and $87 means that, if the price heads in this direction, short positions could be unwound quickly.”

SOL first broke below $87 to clear liquidity at the $81 range, before rising again. The current price now moves within the crucial $80 to $90 band in the short term. There is heavy liquidity on the upside between $84 and $87, while support can be found at $80–81.

For buyers to push the price up into the upper cluster, they must maintain a favorable balance of power in the market. Otherwise, fading momentum risks pulling the price back down to support levels.

Chart analysis highlights major resistance at $106

Don, an analyst sharing his insights, notes that after retreating from its 2025 high, SOL is struggling to maintain its footing in the $80–90 zone. However, he emphasizes that true strength can only emerge if the $106.24 mark is decisively cleared.

“Unless SOL can convincingly break above $106, we won’t see a clear bullish trend in the charts. A close above $106 would indicate buyers have regained short-term control.”

While long-term charts point to a target north of $260, such levels remain far out of reach for now. The central focus is on the $106 resistance. Unless this threshold is broken, selling pressure could persist, and the price could revisit the $80 region.

Whether SOL will manage to hold its current support area and renew upward momentum will become clearer in the upcoming period.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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1. Technology stocks fell sharply as investor interest shifted toward energy and selected defensive assets. From October 10 to 16, the Nasdaq 100 declined 5.49% and the S&P 500 fell 1.95%, while the Dow gained 0.67% and WTI crude rose 10.41%. BTC, ETH, and SOL declined 1.27%, 2.65%, and 4.44%, respectively. This week's technology earnings will be an important test of whether revenue growth, margins, and cash flow can justify current valuations. Better-than-expected results could help stabilize markets in the near term. 2. Crypto continues to see pockets of strong activity, but a broad-based altcoin season has yet to materialize. CoinMarketCap's (CMC) Altcoin Season Index stood at 54 as of the October 18 UTC daily observation, below the altcoin-season threshold of 75, while BTC dominance rose to 60.08%. Our proxy leverage ratio fluctuated between 4.00 and 4.07 during the week, showing no sustained increase and suggesting limited appetite for additional leverage. Meanwhile, as major exchanges expand access to traditional financial assets, the recent sell-off in AI-related equities could attract short-term speculative capital away from crypto. Such capital rotation could make it more difficult for a new altcoin season to take hold. 3. Papertrade's loss-to-mine model has generated significant interest across the crypto community. The protocol combines high-leverage derivatives trading with zero slippage and a mechanism that rewards trading losses with PAPER tokens. Across the eight complete UTC days from October 10 to 17, cumulative reported revenue reached approximately $56.08 million, including $51.90 million distributed to token holders. With growing participation from key opinion leaders (KOLs), Papertrade has reportedly ranked among the top three platforms by profitability in the broader market recently. Assets to watch: BTC, ETH, SOL, ARB, OP, SKHYNIX, SKHY, META, TSLA, LRCX, and SPCX. Key research priorities this week: Cash flow performance in technology earnings; the relative discount and holding costs of the two SK Hynix contracts; and U.S. initial jobless claims and PMI data. Weekly market data cover the period through October 16, while research information was verified through October 18. Observation periods are specified separately for each chart.

Bitget•2026/10/19 06:51