Solana has reclaimed a technical support level at $130 that could shape its trajectory in the coming months. The cryptocurrency traded near $139 at press time, reflecting a 2% gain over 24 hours but a 2% decline across the last week of November.
What Happened: Recovery From Key Support
Analyst Crypto Patel noted that SOL bounced from the $130 level, which aligns with both horizontal support and a long-term rising trendline visible on weekly charts.
"SOL reclaimed the $130 support with a clean bounce," Patel wrote in a Nov. 26 post.
He added that sustained acceptance above this threshold "reactivates the $250 upside target," while failure to hold the level "converts structure bearish, opening downside toward the 0.382 Fib retrace at $75 and the 0.5 Fib level at $50."
The $250 and $293 price points represent prior resistance zones from previous market cycles.
Analyst CryptoCurb identified what appears to be a Cup and Handle pattern spanning SOL's movement from its 2021 peak through its 2023 low. A confirmed breakout above the $250-$300 range could trigger further upside toward $2,000, according to the technical formation.
On-chain analyst Ali Martinez reported that SOL entered the capitulation zone on the Net Unrealized Profit/Loss indicator, suggesting most holders are currently at a loss.
"Solana usually bottoms when investors capitulate—and that's what we've seen over the past two weeks," Martinez said. Similar readings in 2022 preceded long-term price bottoms, the data showed.
Also Read: XRP Retreats from $2.29 High as MACD and RSI Signal Weakening Buyer Interest
Why It Matters: Institutional Interest Grows
Institutional participation in Solana has expanded despite recent price volatility.
Upexi Treasury, which holds more than 2 million SOL, is raising up to $23 million through private placement to increase its exposure and support operations.
Spot SOL exchange-traded funds attracted $531 million during their launch week, driven by 7% staking yields and lower fees compared to Bitcoin ETFs. However, the funds recorded their first net outflow of $8.1 million on Nov. 26, according to SoSoValue data. Total assets under management remain near $918 million. A spot Solana ETF also received regulatory approval in Hong Kong last month.
The $130 level now serves as the decisive marker between bullish continuation and a potential retest of lower support zones.
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