Solana is trading just above $95 after a sharp recovery from the $60 range, maintaining a positive technical outlook for both the near and longer term, based on Elliott Wave analysis. Charts
Solana is trading just above $95 after a sharp recovery from the $60 range, maintaining a positive technical outlook for both the near and longer term, based on Elliott Wave analysis. Charts show that Solana’s recent rebound has preserved critical support, encouraging continued bullish sentiment among analysts.
Following its break above the mid-$70s, Solana has entered a consolidation phase that analysts interpret as a wave 4 correction within the Elliott Wave framework. Recent data places SOL near $95.92, just above the key 23.6% Fibonacci retracement at $95.13, keeping the bullish structure intact for now.
Additional possible support appears at $90.69, marking the 38.2% Fibonacci level, and at $87.26, the 50% retracement. These levels create a broader support area if Solana’s current base fails to hold.
Analysts note that the pullback follows a strong third-wave surge, which took SOL from the upper $70s to around $100. The correction is mapped as an A-B-C pattern, indicating that further downside toward these lower Fibonacci levels remains possible before the present consolidation completes.
Immediate resistance is in the $99 to $100 range. A clear move above this level could signal that buyers have absorbed selling pressure and are ready to refocus on higher targets beyond $100.
If Solana successfully maintains support, technical projections point toward a potential fifth-wave advance, targeting the $114 to $116 area. However, realizing this scenario requires a completed correction and sustained move above local resistance.
For now, Solana’s bullish trajectory appears intact as long as it stays above the identified Fibonacci support. Should $95.13 give way, the risk of a further drop to $90.69 or $87.26 increases, while a recovery past $100 would reinforce the idea of a completed wave 4 and open the path to higher levels.
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A broader time frame paints a potentially even more optimistic picture. On the weekly chart, Solana recently posted a 26% gain, rebounding from the $60s to near $94. Analyst Rod interprets this as the completion of a major A-B-C correction, with the final low labeled as wave 5 of wave C.
If this Elliott Wave count holds true, the lengthy correction from Solana’s 2025 peaks could be complete, setting up a shift from downward pressure to a phase of accumulation and potential price recovery.
The next major upside target spans $160 to $180, where significant historical resistance remains from earlier trading ranges. Before tackling this zone, Solana must first reclaim resistance near $100 and generate upward momentum through the $120–$140 corridor.
The path to higher levels is not expected to be linear; analysts anticipate intermittent pullbacks and consolidations as SOL works to establish a higher-low structure. The failure to hold recent correction lows would undermine this bullish scenario and make another move lower possible.
The near-term trend will largely depend on how Solana behaves around the $95.13, $90.69, and $87.26 supports, while retaining the recent low on long-term time frames could be a fundamental condition for recovery attempts to reach $160 to $180.
The post Solana holds above $95, targets $114 on bullish wave count, eyes $160–$180 zone appeared first on COINTURK NEWS.
