Solana (SOL) is once again in the spotlight as price action hovers near critical support, sparking both optimism and caution among traders. A recent technical breakdown by analyst @Morecryptoonl on X has caught the market’s attention, leveraging Elliott Wave Theory to map Solana’s potential next move.
According to the analysis, the $143.94 low from Friday could represent the bottom of a corrective wave (ii). If this level holds, Solana may be poised to begin impulsive wave (iii), targeting an upside move toward $180. Supporting this bullish thesis, a 1-hour chart shows a potential wave structure forming from the recent $168.94 low, in line with earlier wave counts presented in Nikola Lazic’s February 2025 analysis on CoinCryptoNewz.
Signals Still Murky as Market Waits for Confirmation
While the setup is promising, the analysis cautions that the current rally is “still too shallow” to confidently confirm a 1-2 impulsive structure. This echoes broader concerns in the market about crypto volatility, where price swings of 10–20% are common, as highlighted in CryptocurrencyFacts.com’s 2021 guide on dip buying.
The community remains split. Some traders are buying the dip, hoping the $143.94 support zone marks a temporary bottom. Others, however, are exercising patience, waiting for a more decisive confirmation—reflected in the mixed sentiment beneath the original X post.
Key Levels: What to Watch Next for $SOL
Solana’s journey back from its November 2024 highs has been marked by a series of corrections, and the current zone could determine its short-term trend. Here’s what analysts are watching:
- Key Support: $143.94 (if broken, could open downside risk)
- Upside Targets: $180 (wave iii), $195.81 (major resistance), $231.72 (extended target)
- Near-Term Projections (Changelly):
- Average: $162.98
- Low: $158.88
- High: $167.07
According to FXEmpire’s Elliott Wave analysis, a break above $195.81 would significantly shift sentiment bullish, potentially ushering in a rally toward $231.72. But failure to hold current levels could trigger a pullback toward $173.42 or lower.
Solana’s Fundamentals Remain Strong
Beyond the charts, Solana’s fundamentals continue to draw investor interest. Known for its lightning-fast transactions and rapidly growing DeFi and NFT ecosystem, the network has weathered past controversies—from outages to scaling concerns—with growing developer and institutional interest in 2025.
For long-term investors, this presents a classic “buy-the-dip” scenario—but only if $143.94 proves to be a reliable floor.
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.
