Solana (SOL) Update: Key Support Zone Being Tested – What’s Next?

Solana (SOL) has slipped into a crucial support region between $235 and $241. This zone will decide whether the recent pullback is just a pause before the next leg higher or the start of a deeper correction.

Let’s break down the possibilities:

🔹 Critical Support Zone

We’ve been watching this micro support area closely, and it remains the main focus right now. If Solana holds this level, it could confirm a wave 4 bottom and set the stage for the next move.

From an Elliott Wave perspective, the correction that started earlier in September already checked the boxes for a valid wave 4 pullback when SOL dipped to around $230 on September 15th. Even though it was short compared to wave 2, the structure still fits.

🔹 Scenario 1: Fifth Wave Higher

If the $235–$241 support holds, Solana could begin a wave 5 rally.

This would likely take the form of an ABC structure, with wave C pushing higher.

The setup aligns with an ending diagonal pattern, where both the 3rd and 5th waves move as ABC formations.

While this structure isn’t as strong as a classic five-wave impulse, it still allows room for another leg up.

🔹 Scenario 2: Wave 4 Not Finished

On the other hand, the rebound from the September 15th low lacked impulsive strength — it was only a three-wave bounce.

That means the pullback could still be in progress, unfolding as a B-wave.

If this plays out, Solana may break lower to retest deeper support at $229–$222, which also lines up with the yellow wedge trendline on the broader chart.

🔹 Key Levels to Watch

$235 → Must hold to keep the bullish wave 5 setup intact.

$229–$222 → Next downside target if $235 fails.

$252–$253 → Strong resistance where Solana recently got rejected, also matching a key Fibonacci level.

📊 Bottom Line

Solana’s next big move will likely be decided by how it reacts to the $235–$241 zone.

Holding here favors a wave 5 breakout toward higher levels.

Losing it opens the door to a deeper correction into $229–$222.

For now, patience is key — the chart is at a decision point, and the next reaction will set the tone for what’s ahea