Solana tests critical Fibonacci support at $143.94 as Wave C correction maintains downward momentum within Elliott structure.
Bearish pressure builds on SOL as Wave C unfolds, with traders watching Fibonacci levels for signs of a reversal or further decline.
Elliott Wave analysis highlights Solana's corrective phase, with key retracement levels guiding potential support and trend direction.
Solana (SOL) currently trades at $148.44 on Binance, slightly down by 0.08%. Despite the minor dip, market analysts observe the asset within a broader Elliott Wave corrective pattern. SOL is testing crucial Fibonacci support levels, with $143.94 acting as a pivotal point. A breakdown below this level could invalidate the local setup and renew bearish pressure. Hence, the market’s short-term direction remains uncertain as investors await confirmation of the wave count.
The price action shows Solana completing a five-wave impulse structure earlier. Wave (1) began the initial rally, while Wave (2) marked a necessary pullback. Wave (3) carried significant momentum and extended the rally. Consequently, Wave (4) triggered a complex A-B-C correction, retracing part of Wave (3)’s gains. Eventually, Wave (5) finalized the primary sequence, peaking at recent high levels.
Wave C Dominates Current Market Structure
Currently, Solana appears to be in Wave C of a broader correction. Wave A saw a sharp decline, and Wave B offered a partial recovery. Wave C now drives the market with downward pressure. Fibonacci retracement zones support this structure and guide possible price behavior.
Source: More Crypto Online
The $143.94 support marks the 78.60% retracement and remains critical. Additionally, $145.72 holds the 61.80% retracement zone. Meanwhile, $146.90 aligns with the 50.00% level, and $148.25 represents the 38.20% retracement, near current prices. These zones serve as key decision points for traders and analysts.
Momentum Weak but Steady
Besides, Solana’s recent drop from highs around $165 shows controlled correction rather than panic selling. Volume activity remains moderate, lacking any extreme spikes in buying or selling pressure. Moreover, the absence of strong momentum signals suggests traders await a clearer direction.
Hence, technical structure continues to reflect bearish sentiment under the current Wave C. However, a reversal from Fibonacci support could signal trend resumption. Significantly, if $143.94 breaks, focus shifts to larger Elliott Wave setups and broader support zones.
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