- SOL bounced from the lower channel line, but buyers still need to push through nearby resistance.
- Fibonacci levels at $100.69 and $95.57 could come into play if the recovery loses ground.
- The cancelled Shanghai event remains unexplained, with no confirmed link to SOL’s recent price movement.
Solana has rebounded from the lower boundary of its rising channel, leaving traders watching resistance for clues about its next move.
SOL Bounces From the Lower Channel Line
The supplied chart shows SOL recovering from around $101 toward $105.70 after hours of selling. The rebound carried the price back above $104, where it had traded before the decline. Buyers have regained ground, but the chart has yet to confirm a lasting change in direction.
SOL as of writing was trading at $106.32 according to available market data and it showed a rise of 4.07% over 24 hours. Daily trading volume stood at $2.92 billion, down 26.6%. The price gain alongside lower volume leaves open the question of how much buying strength sits behind the move.
For now, the lower channel line remains the level to watch. If SOL stays above it, the broader rising pattern remains intact. A clear break below the line would weaken that pattern and bring lower price levels into view.
Fibonacci Levels Put Buyers to the Test
The 23.6% Fibonacci retracement near $106.79 is the first hurdle identified in the supplied analysis. SOL is trading close to that mark after its rebound from the $101 area. A firm move above it could give buyers room to test $110.
That resistance matters because SOL has yet to recover the ground lost during its October decline. A push toward $110 would show that the bounce is extending beyond its initial recovery. Failure to clear $106.79, however, could leave price moving sideways or turning lower again.
Below the current price, the 38.2% retracement sits near $100.69. This level may draw attention if SOL falls back through the recent trading range. A break beneath it would put the deeper 50% retracement near $95.57 on traders’ radar.
The October high around 125–128 remains a more distant target. SOL would first need to clear nearby resistance and hold its gains. Without that progress, a return to the earlier peak remains an unconfirmed possibility.
Shanghai Event Cancellation Remains Unexplained
These events can be a great way for blockchain projects to meet with developers, investors, and potential partners. The meetings can be cancelled, but a few is not a lot. If the organizers can supply more information, it would help to clear up what happened.
There are a number of possibilities that exist, such as scheduling or logistical issues. No one has been confirmed with the information provided. Claims about regulatory pressure or internal disputes should therefore be treated with caution.
The event news also offers no established explanation for SOL’s price movements. The supplied material does not show that the cancellation affected trading activity, network use, or demand for the token. The technical chart remains the clearest guide to the levels traders are watching.
SOL now faces two immediate tests: holding the rising channel and moving above $106.79. A break higher could bring $110 into focus, while renewed selling may expose $100.69 and then $95.57. Until price moves beyond these levels, the next direction remains unsettled.
