⚡ Solana Price Update: Wedge Pressure Builds as Key Support Holds
Solana ($SOL ) has been moving within an ascending wedge pattern, a setup that typically reflects weakness rather than strength. While the broader market structure still leans bullish, the lack of impulsive upside action raises caution. Let’s break down the scenarios.
🔍 Current Structure
From the April low, Solana produced a clear 5-wave rally, which initially supported a bullish continuation view.
That was followed by a 3-wave correction — textbook behavior for a healthy pullback.
However, the subsequent move higher has also developed as a 3-wave structure, not the impulsive 5-wave rally that bulls want to see.
This is why the wedge feels unreliable. In Elliott Wave terms, we may be dealing with a diagonal, which by nature contains corrective sub-waves that often shift before resolution.
📊 Short-Term View
The decline from the August high unfolded as a clear ABC pullback, suggesting the correction may be near completion. However, the bounce so far has only shown 3 waves up, leaving room for one more dip before confirming a bottom.
Key short-term support lies between $165.9 – $180.2. If Solana dips again into this zone, it would not invalidate the bullish case — instead, it would extend the B-wave correction before a potential C-wave rally.
📌 Critical Price Levels
$180.2 – $165.9: Micro support range
$171.5: 100% Fibonacci extension target
$166: Must-hold level for bulls
$110 – $133: Broader support zone if $166 fails
🎯 Possible Scenarios
✅ Bullish Path:
Hold above $166
Form a base
Launch higher with a confirmed 5-wave impulse
❌ Bearish Path:
Break below $166
Extend Wave 2 correction
Target deeper support at $110 – $133
📝 Conclusion
Solana’s structure remains corrective and tricky, but as long as $166 holds, the bullish outlook stays valid. Traders should look for a clear 5-wave breakout as confirmation before trusting the next rally.
Until then, expect volatility inside this wedge.
🔍 Current Structure
From the April low, Solana produced a clear 5-wave rally, which initially supported a bullish continuation view.
That was followed by a 3-wave correction — textbook behavior for a healthy pullback.
However, the subsequent move higher has also developed as a 3-wave structure, not the impulsive 5-wave rally that bulls want to see.
This is why the wedge feels unreliable. In Elliott Wave terms, we may be dealing with a diagonal, which by nature contains corrective sub-waves that often shift before resolution.
📊 Short-Term View
The decline from the August high unfolded as a clear ABC pullback, suggesting the correction may be near completion. However, the bounce so far has only shown 3 waves up, leaving room for one more dip before confirming a bottom.
Key short-term support lies between $165.9 – $180.2. If Solana dips again into this zone, it would not invalidate the bullish case — instead, it would extend the B-wave correction before a potential C-wave rally.
📌 Critical Price Levels
$180.2 – $165.9: Micro support range
$171.5: 100% Fibonacci extension target
$166: Must-hold level for bulls
$110 – $133: Broader support zone if $166 fails
🎯 Possible Scenarios
✅ Bullish Path:
Hold above $166
Form a base
Launch higher with a confirmed 5-wave impulse
❌ Bearish Path:
Break below $166
Extend Wave 2 correction
Target deeper support at $110 – $133
📝 Conclusion
Solana’s structure remains corrective and tricky, but as long as $166 holds, the bullish outlook stays valid. Traders should look for a clear 5-wave breakout as confirmation before trusting the next rally.
Until then, expect volatility inside this wedge.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
SOL
197.39
-5.99%