- Solana’s wave (4) correction hinges holding the $139 level to maintain the bullish Elliott Wave count.
- The pullback has respected the 38.2%–61.8% retracement zones, suggesting exhaustion of wave (4).
- Upon a confirmed rebound, Fibonacci extensions point to $155.50 (100%) and $165.40 (161.8%) as primary wave five objectives.
Solana (SOL) continues to trade within a corrective phase as technical indicators suggest the digital asset remains in wave (4) of an ongoing Elliott Wave pattern. The current structure emphasizes the $139 support level as a pivotal zone that could determine the next directional move. A sustained hold above this level keeps the bullish plan intact and opens the possibility for a continuation into wave (5).
Correction Phase Aligns with the Combination of Support Zones
Recent trading activity on the 4-hour chart shows Solana forming a consolidation range between $143 and $139. This development follows a completed wave (3) rally and fits the profile of a typical wave (4) retracement. The correction has touched the 38.2% Fibonacci level near $143.51, with the price currently hovering above the $139.09 region, which coincides with the 61.8% retracement level.
These retracement zones are commonly observed during wave (4) corrections, indicating that the downward movement may be nearing exhaustion. A close below $139 could shift sentiment toward a deeper retracement, with lower targets projected near $130.77 and $116.99 based on broader Fibonacci levels. Maintaining a price above $139 is critical to preserve the bullish Elliott Wave count.
Wave (5) Targets and Market Structure Outlook
If support is held at 139, Solana(SOL) may start wave (5), which is expected to achieve higher price targets delineated by Fibonacci extensions. The current projections also stress that the 100% extension is at 155.50 and the 161.8% extension is at 165.40 of the previous wave structure. These levels provide indications of likely resistance areas during the predicted wave (5) expansion.
SOL was trading at almost $146.23 initially but fell to $144.42 in the middle of the morning UTC. A brief upsurge took the price above the $147 mark before it dropped below the $145 mark again. The late rally lift in trading volume has no follow-through, which could indicate that the activity is temporary rather than upward momentum.
The price currently trades around $143.50, a small support zone to which traders are paying close attention. The defense of this level will probably determine whether Solana will increase or continue the current retracement.
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.
