- Solana completes wave 1-2, with wave 3 now potentially forming.
- Key support zones are at $85.850 and $74.148 for traders.
- Fibonacci levels $88.577 and $91.006 provide overhead resistance points.
Solana is showing increasing downside pressure as Wave 3 appears to be forming. Key Fibonacci levels between $88.57 and $91.01 are acting as resistance, while support zones near $85.85 and $74.15 are being closely watched.
Solana Faces Key Downside Pressure as Wave 3 Setup Unfolds
Solana is showing signs of continued downside momentum after completing a 1-2 wave setup. According to technical data from More Crypto Online, the market completed the anticipated drop overnight. Wave 3 may now be forming, suggesting traders should watch whether price holds above support levels or continues lower.
Critical Fibonacci levels mark potential price points. The 78.6% retracement is at $91.006 and the 61.8% level sits at $88.577. Current support is near $85.850, with range support around $74.148. Price must stay below $86.90, the wave 2 high, to maintain downward momentum.
Charts show multiple retracement levels between $86.454 and $91.006, indicating resistance zones overhead. A continued decline could see targets at 123.6% ($75.991) and 138% ($74.148), aligning with wave 3 projections.
Fibonacci Levels and Support Zones Guide Solana Price Moves
Fibonacci retracement analysis helps identify key areas for Solana’s potential reversal or continued decline. The clustering of levels between $86.454 and $91.006 suggests traders face significant overhead resistance.
The wave 3 setup indicates that if Solana cannot hold above $85.850, further downside is likely. Extensions at 123.6% and 138% provide possible target levels, helping track potential drops.
Technical patterns imply close attention to support zones. Maintaining support above $85.850 could allow for stabilization, while breaking below $74.148 may trigger additional declines.
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.
