Solana (SOL) is drawing attention following a recent price dip, with analysts monitoring whether the token is preparing to retest the $260 level.
Despite short-term losses, several technical patterns are pointing to a potential move higher. Market participants are also watching liquidity zones and ETF filings, which may influence upcoming price action.
Analysts Watch for $260 Revisit
According to Ali Martinez, Solana may be positioning for a return to the $260 area. The chart shows that the price remains within a broader upward channel. Although SOL has declined by 5% in the last 24 hours and over 14% in the past week, it is still respecting the current trend. At press time, it traded at around $193.
Solana $SOL could be looking to retest $260! pic.twitter.com/UriEqCNiX4
— Ali (@ali_charts) October 16, 2025
Notably, the chart outlines $250 to $260 as a key resistance zone. If the price rises into this range but fails to hold, a retracement could take it back toward the $165 to $170 area. This level has acted as both support and resistance in previous moves and is being tracked by traders as a possible downside target.
Moreover, data shared by Bitcoinsensus shows a repeated pattern on Solana’s daily chart. In past moves, 33% corrections were followed by strong rallies. The first recovery gained 93% and the second reached 100% . Each time, the price reversed near the lower boundary of a rising channel.
Solana has recently seen another 33% drop and has bounced from the same trendline. If the pattern continues, the current move could reach into the $280 to $300 range. The channel structure remains intact, with higher lows supporting the idea that buyers are still active.
Liquidity Zones Between $190 and $210
A heatmap posted by CW shows that high-leverage long positions were recently liquidated near the $200 level. The area around $190 is now showing strong buying interest, which is acting as short-term support.
Above current levels, the chart reveals low resistance up to $210. With fewer resting sell orders in this range, the price could rise quickly if there is renewed demand. According to the analyst, “there is no resistance for short positions up to $210,” making it a key zone to watch in the near term.
Furthermore, 21Shares has submitted Form 8-A(12B) to the Securities and Exchange Commission. This filing is required to complete the process for listing a Solana-based exchange-traded fund. The document was filed after markets closed.
Meanwhile, this registration allows for the launch of a spot Solana ETF, which would provide regulated access to SOL for a broader group of investors. The development is seen as part of ongoing efforts to bring digital assets into traditional financial products.
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