Solana's Structure Indicates Possible Last Test Before Bullish Movement

Summary:
Solana's current price trends suggest that the market correction may still be ongoing. Analysts point to the potential for one final drop before any significant upward movement can occur.

Key Takeaways

Analysts believe Solana may face one last decline before a potential price rise.
Current price actions align with a C-wave decline in a larger wave IV correction.
Indicators suggest Solana could dip into the $81 to $90 range in the short term.
Buyer strength is evident around the 50% Fibonacci level, with controlled price rebounds.
Continued ETF-related momentum could support a longer-term bullish outlook.

Solana

The Status of Wave IV Amidst Persistent C-Wave Pressure

In a recent analysis, crypto expert More Crypto Online discussed that the price chart of Solana still hints at a possible additional downturn before fully exiting its current correction phase. This analysis suggests that price movements are consistent with a C-wave decline within a broader wave IV correction. As long as the structure remains non-impulsive, the possibility of further decline remains valid.

Another interpretation indicates that the current pullback could be classified as an A-wave. This leaves room for a downward movement before a B-wave recovery can happen or before the potential emergence of a fifth wave upward. In both scenarios, the analyst concludes that the correction phase may not be over just yet.

Solana
Source: Chart from More Crypto Online on X

From a short-term perspective, analysts suggest that Solana's price could decline to between $81 and $90. Currently, there are no strong signs indicating an imminent bullish continuation. The lack of impulsive upward price movements maintains the likelihood of further downside scenarios.

However, if the price starts to increase from the current levels without hitting a new low, the broader structure since January 2025 may appear more like a triangular consolidation instead of a completed wave IV. This kind of pattern would suggest prolonged sideways price movement rather than a swift return to upward momentum. Until stronger bullish signals emerge, the risk of one more corrective low remains a factor.

Strong Buyer Response at the 50% Fibonacci Level Indicates Stability

According to AltCoin Việt Nam, Solana’s price behavior currently shows a notable and reassuring reaction near the 50% Fibonacci retracement level. Instead of a sharp breakdown, prices have been rebounding steadily, indicating that buyers are still exerting their influence. Analyzing the wave structure, it suggests that wave IV is not rushing towards completion and there remains potential for wave C to extend further if the market continues to move in rhythm with broader trends.

Another point favoring the bullish outlook is the ongoing narrative surrounding emerging ETFs that involve Solana. The inflows of spot SOL are happening through steady accumulation over several sessions rather than being driven by fear of missing out (FOMO). Such capital flows usually reflect a more long-term investment strategy as opposed to short-term speculation, which could explain the quick rebounds seen at key support levels.

However, the outlook can be invalidated. If Solana drops significantly below the 50% Fibonacci level, it may indicate that the current market structure has failed. Despite this, the analyst views the recent pauses in price action as temporary adjustments within a larger upward trend, rather than signs of a significant downtrend.

Solana
SOL trading at $140 on the 1D chart | Source: SOLUSDT on Tradingview.com