- Solana SOL completed a five wave decline signaling ongoing weakness
- Resistance between $86 and $89 remains key for trend reversal
- Break above $87 may shift momentum while failure keeps downside risk
Solana (SOL) is approaching a critical resistance zone after completing a five-wave decline, raising questions about its next move. While price shows signs of recovery, analysts warn the bounce may be temporary. Traders are now focused on whether SOL can break above key levels or continue its broader downward trend.
Solana SOL Completes Five-Wave Decline Structure
Solana (SOL) has completed a five-wave downward move, according to analysts at MCO Global DE. This structure, labelled as wave A, suggests that the broader trend remains under pressure. The recent price recovery appears corrective rather than a full reversal.
Source: X
At press time, Solana is trading near $85, showing a modest gain over the past day. The price reached around $85.72 at press time, reflecting slight upward movement. However, analysts note that the recovery does not yet confirm a trend change.
The current outlook remains focused on the white scenario, which expects further downside or consolidation. This view holds as long as Solana stays below key resistance levels.
Solana SOL Tests Key Resistance Near 50 Day EMA
Solana (SOL) is approaching an important resistance zone between $86 and $89. This range includes the 50-day Exponential Moving Average near $87.10. A break above this level could shift momentum toward a more bullish structure.
So far, price action has respected this resistance zone. This suggests that sellers remain active near these levels. A daily close above $87.10 may signal a change in short-term direction.
If Solana fails to break above resistance, the corrective structure may continue. This could lead to further consolidation or another downward move. Traders are watching this range closely for the next signal.
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.
