a make-or-break support zone between $235 and $241. This is the moment of truth that will decide if the recent pullback is a brief pause or the start of a deeper correction. Hereโs a breakdown of the key scenarios. ๐
The Critical Support Test ๐
The $235-$241 region is a key micro support area. From an Elliott Wave perspective, a successful hold here would confirm a potential wave 4 bottom. The correction that started in early September already fits the criteria for a valid wave 4, and if this level holds, we could be looking at the start of the next leg up.
Scenario 1: Bullish Breakout ๐
If $SOL holds the $235โ$241 support, it could signal the beginning of a wave 5 rally. This move could take the form of a final leg up, potentially pushing the price higher. This aligns with an "ending diagonal" pattern, which, while not as powerful as a classic impulse wave, still leaves room for a significant push to the upside.
Scenario 2: The Correction Continues ๐
The previous bounce from the September 15th low was weak and lacked impulsive strength. This raises a red flag that the correction may not be over. If this is the case, $SOL could break below the current support and retest deeper levels, potentially targeting the $229โ$222 zone. This would also align with the broader wedge trendline on the charts.
Key Levels To Watch: ๐ฏ
$235: The absolute must-hold level to maintain the bullish case. A loss of this support would be a strong bearish signal.
$229โ$222: The next major downside target if the primary support fails.
$252โ$253: A key resistance level where the recent rally was rejected. Breaking this level would be a major sign of strength.
Bottom Line: The market is at a critical decision point for Solana. The price action over the next few days in the $235โ$241 zone will be crucial. Patience is key. Watch how the chart reacts to these levels before making a move.
