🟱 Overview

Solana (SOL) is testing a critical support zone and holding — but just barely.

The price action since the October 10th low hasn’t inspired much confidence, and the market seems to be “finding itself” rather than committing to a clear trend.

📊 Key Support:

Between $172.74 and $198.69 — this range remains the line in the sand for bulls.

⚠ Caution: Weak Buy Reaction

While $SOL has come down in three waves to this major Fibonacci support, the buy reaction so far isn’t impulsive.

That’s a red flag — strong reversals usually begin with clear momentum, and we’re not seeing that yet.

If price breaks below $172, it opens the door to the next supports:

$150.24–$160.71: minor, likely weak support

$117.41–$138.26: stronger, next key daily zone

🔄 Possible Scenarios Ahead

Despite the lack of enthusiasm, upside potential remains.

If SOL has already bottomed on October 10th, the next move could develop as a diagonal (C)-wave — meaning a bumpy but gradual grind higher.

However, the structure doesn’t yet confirm a proper reversal.

We need five clear waves up from the October low to signal the start of a stronger trend.

đŸ•°ïž Short-Term View: Sideways Chop

On the lower timeframes, $SOL shows three waves up from the October low followed by sideways chop — a structure that lacks conviction.

Unless $SOL breaks above its resistance zone, we can’t confirm that a new upward impulse has begun.

Still, as long as price holds above $181.70, there’s room for a higher C-wave to play out over the weekend.