Solana Holds $85 Amid Hacking Woes...Target Price Set at $250

▲ Solana (SOL)

Solana (SOL) is firmly defending the $85 support level amidst recent market downward pressure, accumulating energy for a rebound.

Crypto media outlet 24/7 Wall St. reported on April 24 (local time) that Solana is maintaining the technically significant price level of $85. Despite increased volatility across the virtual asset market recently, Solana is reportedly preventing further declines as buying pressure enters at specific support zones. The success of defending this support level is expected to be a key indicator in determining short-term price direction.

Since 2026, Solana has faced several negative factors, including the Drift Protocol hacking incident and outflows from exchange-traded funds. However, network activity and validator performance remain robust, supporting investor confidence. Experts predict that if the $85 support level holds, there is a high probability of a short-term recovery to the $90 to $100 range.

The Relative Strength Index (RSI), a technical analysis indicator, is currently at 49.65, indicating a neutral position. This suggests it's a time when it can move out of the oversold zone and form new upward momentum. However, a full trend reversal can only be expected if it breaks through the strong resistance level near $97. A warning also follows that if the $83 support level collapses, the correction could deepen to the $73 to $75 range.

24/7 Wall St. highly evaluated Solana's long-term potential. Despite network security concerns and occasional outages, the growth in trading volume and deposited assets is a positive sign. If fundamental catalysts such as the launch of a spot ETF come into play, achieving the target price of $250 by the end of 2026 is not an impossible scenario.

Solana is currently testing the market's direction at a critical juncture. Holding the $85 support zone serves as a bridgehead for investor sentiment recovery, beyond mere price maintenance. If stable network operations and institutional fund inflows are accompanied, Solana's revaluation is expected to accelerate further.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*