Solana Defends $85 Despite Hacking Setbacks...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 broader 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 setbacks, 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 a strong possibility of a short-term recovery to the $90-$100 range if the $85 support level holds.

The Relative Strength Index (RSI), a technical analysis indicator, is currently at 49.65, indicating a neutral position. This suggests a period where it can move out of the oversold zone and form new upward momentum. However, a significant trend reversal can only be expected after breaking through the strong resistance level near $97. There is also a warning that if the $83 support level collapses, a deeper correction to the $73-$75 range could occur.

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 $250 target price by the end of 2026 is not an impossible scenario.

Solana is currently testing the market direction at a crucial juncture. Holding the $85 support zone serves not just as price maintenance but also as a bridgehead for restoring investor sentiment. If stable network operations and institutional fund inflows accompany this, Solana's value re-evaluation is expected to accelerate further.

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