Solana faces key $70 resistance after 500 days since peak

Solana (SOL) has recently drawn heightened attention from investors, driven by both long-term market cycle analyses and short-term technical signals. According to current market assessments, SOL has been attracting substantial long-term buying interest around the $60 mark, while strong resistance has formed in the $70 to $72 range.

Long-term cycle debate gains momentum

Analyst CryptoCurb highlights that it has been over 500 days since Solana’s previous market high, while the market bottom during the 2022 decline arrived after roughly 420 days. This comparison suggests that the ongoing correction may be reaching a pivotal moment.

The analysis recalls how, after the 2021 peak, SOL established its cycle bottom within 420 days and then staged a significant recovery. With the current correction now past 500 days, some market watchers believe that further declines could be losing momentum.

CryptoCurb also notes that recent market discussions predicting drops to $40 echo the pessimistic climate of 2022, when some feared price levels as low as $4. While $60 appears significant for long-term accumulation, more ambitious targets would likely require a repeat of the previous recovery pattern.

Short-term: The $70 to $72 zone under scrutiny

From a short-term perspective, analysis shared by More Crypto Online indicates that the SOL price has recently achieved the Elliott Wave extension target in the $70 to $71 zone. This area is pivotal in gauging whether SOL can sustain its current rally.

Glossary: The Elliott Wave theory suggests that price movements unfold in waves driven by investor psychology. Fibonacci retracement and extension levels are technical ratios used to identify probable support and resistance zones.

According to the analysis, a resistance cluster has formed as multiple technical indicators converge: the 38.2% Fibonacci retracement sits near $67.92, the 100% extension level around $70.78, and the 50% retracement band between $70.61 and $72.58—all overlapping in the same area.

Defending the support area of $61.75 to $63.05 is considered crucial for maintaining the positive short-term trend. However, if SOL cannot overcome strong resistance in the $70 to $72 range, analysts warn that the recent upward move may simply be a corrective bounce, potentially leading to renewed declines.

In summary, as SOL consolidates above major support but faces concentrated resistance, the coming days will be critical in determining the direction of the next big move. Both cycle analysis and short-term signals suggest that market sentiment is finely balanced.

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