Solana's Next Major Wave Hinges on Price Movement Within Key Support Zone

Solana's current price is teetering on a significant support zone, and its behavior here could determine if a new bullish trend will emerge. The ongoing market correction has positioned SOL at a critical point where the price's micro-level movements will dictate whether buyers reclaim control or if the asset needs to dip further.

Key Takeaways

Solana's price is at a crucial support zone that will influence its next trend.
Current support lies between $138 and $118, with insufficient evidence to confirm its strength.
A downward break below $117–$118 may lead to a larger correction targeting $90–$62.
Micro-level price behavior is essential for confirming whether buyers are gaining control.
Observing 15-minute, 1-hour, and 4-hour charts can provide insights into buyer activity.

Solana

Important Support Zone Approaches

According to a recent analysis by More Crypto Online, SOL still has the potential to initiate a substantial upward movement within this cycle. The report notes that the market has been under correction since mid-September and is now testing its first major structural support zone, marking an essential moment for the asset.

This initial support zone is identified between $138 and $118, where the market is currently exerting pressure. However, More Crypto Online warns that there is insufficient evidence to confirm that support is holding here. Although a small green candle is visible on the weekly chart, it remains a watch signal and "not yet a confirmation."

Solana
SOL key levels that could trigger a bounce | Source: Chart from More Crypto Online on X

More Crypto Online outlines a bearish scenario: if Solana falls sustainably below the $117–$118 range, the attention would shift towards a deeper correction, targeting the next significant macro support zone between $90 and $62.

In the weekly chart, these two zones are pivotal on a macro level. Nevertheless, More Crypto Online stresses that traders cannot assume that either support will automatically hold. Observing price behavior within these zones is always crucial.

The Significance of Micro-Timeframe Structures

The analyst further explained that a weekly support zone becomes impactful only when lower time frames demonstrate clear 5-wave impulse sequences from their lows. These impulses serve as early indicators that buyers are stepping in with strength rather than merely creating temporary reactions.

Without the formation of smaller-time-frame impulses, any bounce within a weekly support zone remains unconfirmed. It signifies that the price is reacting to that area, but does not confirm a true market bottom or an impending bullish reversal.

To differentiate between a weak rebound and a confirmed support hold, the analyst emphasized monitoring price movements on 15-minute, 1-hour, and 4-hour charts. These short-term time frames help illustrate whether buyers are firmly defending specific levels.

Until Solana establishes a clear and structured 5-wave move from a low, neither of the observed support zones can be regarded as validated. Both higher and lower support scenarios continue to be viable as the situation unfolds.

Solana
SOL trading at $124 on the 1D chart | Source: SOLUSDT on Tradingview.com