Solana price is attempting a rebound after breaking below its long-term ascending channel. Here are the key levels to watch.
Solana (SOL) price has recently suffered a major breakdown as the sell-off from Nov. 3 pushed it out of a long-term ascending channel that had contained price action since April. The decline found support near the $146 level, from which SOL staged a short-term rebound.
The current recovery is now attempting to reclaim the broken lower trendline of the channel, facing key resistance around $190 — a level that also aligns with the 0.618 Fin retracement of the recent downswing and the 55-day EMA (green), adding confluence.
However, on the way there, Solana price faces a major hurdle around the $166-$169 zone, where it’s encountering immediate resistance from an SR flip — a level that acted as short-term support during the late-October consolidation. This area also coincides with the 21-day EMA (yellow) and the 0.786 Fib, creating a strong confluence zone that could determine whether the current rebound has enough strength to reclaim the channel.
Despite the recent breakdown, several bullish catalysts could help Solana price stabilize. Continuous SOL ETF inflows over the past 10 days signal sustained institutional interest even amid broader market weakness.
Additionally, the nearing resolution of the U.S. government shutdown has lifted overall risk appetite, offering a potential tailwind for altcoins. Should BTC and ETH regain momentum, SOL stands a good chance of reclaiming the ascending channel.
