Solana starts Wave 4 consolidation, targets $81–$79 downside zone

Analysts see Solana stalling in Wave 4 after a sharp dump. A weekly support retest follows a range breakout, while bears eye $81.33–$78.69 if support gives.

Elliott Waves Academy says Wave 3 likely ended at the 261.80% Fibonacci extension. They track a 30‑min breakdown from the price channel and keep a bearish bias here. NewsBTC also highlights reinforced bearish sentiment and control by sellers here.

Wave 4 looks corrective. The team expects a calmer, sideways phase or a triangle after an aggressive Wave 2 source. If the correction breaks down through key support, Wave 5 could open targets at $81.33–$78.69 for shorts details.

Daan Crypto Trades notes a clean 20–30% move after a three‑month range finally broke. He stresses confirmation after range escape, as momentum can accelerate fast thread. NewsBTC has the breakout context on multi‑month compression and the follow‑through impulse coverage and the momentum risk angle analysis.

Price now retests a key weekly support zone. Daan calls it one of the last major supports on the chart. A hold and reclaim of nearby horizontal resistances would improve the bullish case source.

Key levels and signals
- Wave 3 tagged the 261.80% extension on the drop chart.
- Wave 4 likely consolidates; a breakdown can trigger Wave 5 toward $81.33–$78.69 targets.
- Weekly support retest after a three‑month range breakout; confirmation matters for trend continuation view context.