$SOL has now entered the Fibonacci support area that has been closely monitored on the daily chart. Since November, the broader trend suggests we’ve been in a corrective wave 4, which could eventually lead to another downward leg toward roughly $81.50—previously identified as the target for the C-wave decline. Price has essentially reached that level.
Analyzing the wave structure, there are two interpretations. One view sees the drop from the 2025 high as a complete ABC correction, signaling the end of a larger wave (iv). Another perspective treats this as merely wave A of a more extensive corrective pattern. Given the current market context, the latter scenario seems more plausible.
This interpretation allows for a potential rebound from current levels, even if support dips slightly toward $62. Any upward movement from here is likely corrective—probably forming an ABC pattern—rather than initiating a strong impulsive trend. While a retest of the January high near $150 remains possible in the coming months, no confirmed bottom has been established yet.
On a closer look, the initial rebound from February’s low resulted in only a three-wave move, indicating limited impulsive strength. A 1–2 setup may be forming, but it is not confirmed. A decisive move above $88, with follow-through past $91.30, would provide the first meaningful indication that a sustained upward push might be underway.
