$SOL
🚨 SOL Coin Price Analysis 🚨
The 4-hour chart shows that Solana completed a complex WXY corrective structure, with the Y-wave bottoming at $96 on April 7.
The bounce followed after the structure bottomed and found solid support at the 0.618 Fibonacci level ($118.34) and rallied past the 0.5 retracement at $151.96
The price is now pressing toward the 0.382 Fib at $185.57, marking a critical resistance level.
The 4-hour Relative Strength Index (RSI) is now entering overbought territory at 75, hinting at exhaustion, which aligns with the prior rejection zones seen in January and March.
The rally also follows a breakout from a multi-month descending channel, indicating a shift in market structure.
The descending channel breakout from April 9 at $118 closely aligns with the 0.618 Fibonacci retracement and the structure’s descending trendline.
If momentum sustains, the next upside target remains $185–$190, aligning with the 0.382 Fib retracement level.
However, the distance from key moving averages and the RSI overextension caution that a correction or sideways consolidation could follow shortly.
A retracement to the $150 range (0.5 Fib) could serve as the first support, while deeper pullbacks may target the $135 area, depending on macro conditions.