- Solana has not formed a five-wave structure, keeping further downside open
- Support between $72 and $78 is key for short-term Solana stability
- A break above $90 is needed for more confidence in trend reversal
Solana’s price remains under pressure as technical analysis signals potential for further decline if key support levels fail to hold. Current price action suggests weakness, while a possible recovery depends on specific price movements and buyer activity.
Solana price holds above $72 with weak upward momentum
Solana (SOL) continues to show weakness, with its price hovering around $80 and failing to show a decisive upward move. According to More Crypto Online, the current structure does not yet confirm a trend reversal. The chart reveals that Solana has not formed a five-wave move to the upside, a technical condition required to suggest strength.
The key support area lies between $78.07 and $72.04, based on Fibonacci retracement levels. If Solana stays above $72, the chance remains that a recent low has already been set. However, the analysis also points out that without a strong bounce from buyers, further downside cannot be ruled out.
Solana chart shows key levels as downside risk stays in focus
A clear push above $90 would improve the outlook, but that has not occurred. The resistance area near $89.61 aligns with the 61.8% Fibonacci level, which remains unbroken. Analysts noted that the market will need to see strong buying pressure and a confirmed five-wave impulse to reverse the current trend.
If the $72 level fails, the next area of interest is around $62, where more support could be found. “The market still looks weak,” stated the analysis, warning that the price must move decisively upward to confirm a shift. Until then, buyers remain cautious, and the bearish scenario remains possible.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
