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Solana (SOL) traded within a relatively narrow range on Wednesday, reflecting a short-term cooling phase following recent volatility in the broader digital asset market.
Notably, over the past week, the asset gained almost 9% despite broader pressure weighing on several leading cryptocurrencies.
Meanwhile, analyst CryptoPatel stated that traders who accumulated the token at lower prices have already made significant gains, suggesting a positive outlook for long-term profits within the $500–$1,000 range.
According to the analyst, concerns about lower price zones in the market created opportunities for accumulation, as they were strategically positioned below $70 during past corrections.
Additionally, he stated that the overall long-term trend remains steady, with an anticipated upside range of up to $1,000 if macro conditions remain stable.
 
Moreover, analyst Dom described the asset as attempting to break through a multi-month range, noting that order book depth appears unusually thin on major exchanges, including Binance spot markets.
This thinning liquidity, combined with a noticeable skew in buy-side bids within a 15% price range, suggests that relatively small inflows could trigger sharp directional moves. If Solana successfully reclaims and holds above $100, analysts are watching the $115 region as the next significant resistance zone.
However, despite the bullish technical outlook, analysts caution that Solana’s trajectory remains closely tied to overall crypto market conditions.
Furthermore, analyst Altcoin Sherpa emphasized that continued upward momentum would likely require stable or improving sentiment across major assets, particularly Bitcoin.
The analyst added that if a broader “risk-on” environment returns, Solana could outperform other large-cap cryptocurrencies due to its historical sensitivity to liquidity cycles and investor risk appetite. However, without supportive macro conditions, sustained upward momentum may remain limited in the short term.
Moreover, according to data from analytics firm Rand Group, Solana has broken above a key downtrend resistance line, suggesting it is already showing early signs of strength. The move into new local highs has fueled speculation that psychological barriers such as the $100 level could soon be tested and potentially surpassed.
At press time, SOL was trading at $93.22, reflecting a 2.20% drop in the past 24 hours.