Solana’s (SOL) market performance has not been encouraging over the past 24 hours as it experienced a sideways price action during the market recovery. At press time, it is trading at $137. Its trading volume also saw a 4% decrease, indicating lower market movement.
YouTuber “@MoreCryptoOnline,” with 226k subscribers, just shared a high-quality video on Solana’s price analysis, and we would like to cover it.
The analyst mentioned that SOL is undergoing a corrective phase, and despite some upward movement, the bulls have shown limited enthusiasm, and uncertainty surrounds Solana’s next move.
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What you'll learn 👉
Solana’s Technical Analysis: Key Levels to Watch
More Crypto Online emphasized that there’s no definitive confirmation of a low for Solana’s Wave 2 corrective phase. Although possible, this requires a clearer five-wave upward structure followed by a three-wave pullback to confirm the low.
Image Source: MoreCryptoOnline
However, without this structure, SOL remains vulnerable to further corrections. The YouTuber also notes the need for stronger bullish momentum to trigger a pump and solidify the next upward wave.
For now, SOL’s price remains in a range where it must break through resistance levels to signal the completion of its corrective phase.
The chart identifies crucial levels that could determine Solana’s next price movement. Support levels between $124.40 and $131.59 have been identified as possible areas where the price could find a temporary bottom if broader market conditions worsen.
Moreover, should Solana fall below $124.40 and the September 6th low of $120, it could indicate a more bearish scenario, confirming a completed wave 2.
On the upside, the analyst highlights resistance levels at $140.33, $145.50, and $153.18. A break above these levels would indicate renewed bullish momentum, potentially leading to the next significant price target.
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Show more +What is next for the Solana price?
According to the analysis, there is a possibility that Solana’s Wave B has already bottomed. The price recently reacted to the 50% Fibonacci retracement level, which suggests potential upward movement for $194.87.
However, the corrective nature of the current price action leaves room for unpredictability, and further confirmation is needed.
Finally, investors are urged to keep an eye on Bitcoin, as its price movements could heavily influence Solana’s trajectory in the coming weeks. Keeping track of broader market dynamics could provide insight into the potential breakout or further downside for Solana.
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