rewrite this content using a minimum of 1200 words and keep HTML tags
Solana has slipped into a crucial demand zone between $118 and $138, a region where buyers must prove they’re still in the game. Early reactions are emerging, but momentum remains weak, raising the big question: Is SOL preparing for one more leg down, or could a surprise bottom quietly be forming beneath the surface?
Solana Slides Into A Critical Support Zone
Crypto analyst More Crypto Online, in an update shared on X, revealed that SOL has recently dropped into a major support band. This crucial zone stretches from $118 up to roughly $138.30. The analyst emphasizes that this is the exact region where the market must definitively prove that robust demand is still present to prevent further structural decline.
While examining the smallest timeframes, the analyst noted that there are indeed early attempts at a reaction developing within this broad support band. However, the expert warns that these reactions currently lack conviction and do not yet display the sustained buying strength necessary to signal a durable reversal.
More Crypto Online includes a more bullish possibility, which he labels the “white scenario,” where the broader B-wave correction could finish at any point within this current support region. If successfully confirmed, it would effectively establish a definitive low and open the door for Solana to rechallenge its previous cycle highs by initiating a powerful C-wave rally.
However, the core problem preventing a definitive bullish call is that the recovery observed from the recent swing low has not exhibited the characteristics of an impulsive advance. As long as that remains the case, the analyst concludes that a deeper dip is the more realistic path, cautioning traders to prepare for a potential test of levels below the current support range.
A–B–C Correction Still In Play For Solana
According to More Crypto Online, Solana’s price action continues to mirror the broader structure seen on Bitcoin. The ongoing decline can still be viewed as an A–B–C corrective pattern within the orange scenario, with the final C wave unfolding as a five-legged move. If this interpretation holds, the last leg of the correction still has room to extend further, potentially reaching the $81 to $90 zone.
The analyst noted that the current upswing resembles an internal wave 4 rally. Under this outlook, the market could still produce one more low, completing the final leg of the corrective wave before a more reliable reversal structure begins to form.
Solana now sits at a key decision point, but the Elliott Wave framework indicates that bearish pressure may not be fully exhausted. Until the structure confirms a shift with impulsive upward movement, the chart still allows for another push lower before a durable trend change can develop.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website http://defi-daily.com and label it “DeFi Daily News” for more trending news articles like this
Source link
