Solana Enters Key Support Zone Between $118 and $138

Solana's Current Market Position

Solana (SOL) has entered a crucial support zone between $118 and $138, where buyer activity is critical to prevent further decline.
Early reactions within this support area are emerging but lack strong momentum, raising concerns about potential further drops or the formation of a bottom.

Analysis by More Crypto Online

The analyst identifies this zone as pivotal for maintaining structural market integrity. However, current reaction attempts show insufficient buying strength for a durable reversal.
A "white scenario" suggests a B-wave correction could complete in this region, potentially leading to a C-wave rally challenging previous highs if confirmed.
The possibility of a deeper dip remains, as recent recoveries lack impulsive characteristics, suggesting preparation for levels below the current support range is necessary.

A–B–C Correction Pattern

Solana's price mirrors Bitcoin's structure, following an A–B–C corrective pattern with the C wave still unfolding, possibly reaching $81 to $90.
The current upswing may be an internal wave 4 rally, indicating one more low is possible before a reliable reversal structure forms.
The Elliott Wave framework suggests bearish pressure might not be fully exhausted, with another downward movement possible prior to trend change confirmation.

Solana

Overall, Solana sits at a decision point, with market movements closely watched to determine future trends.