Key Takeaways
- SOL completed a five-wave impulse after macro correction.
- ABC correction is underway, targeting a $142 support zone.
- A bounce from $150 to $142 may restart the bullish trend.
Solana (SOL) has completed a major five-wave impulsive move after bottoming out in April, following a prolonged corrective W-X-Y pattern.
While the broader trend remains bullish, short-term charts indicate the start of an ABC correction.
The price is currently trading near key Fib support and is at a technical crossroads that could determine the next significant move.
SOL Price Analysis
On the 4-hour chart, Solana has confirmed a bullish trend reversal after completing a W-X-Y correction from the $295 high to a low of $96 on April 7.
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The breakout from the descending channel and subsequent five-wave impulse confirmed the trend reversal, pushing SOL to $184.86 before encountering resistance.
This impulsive rise retraced below the 0.382 Fibonacci level at $171.84, acting as short-term resistance.
The 4-hour Relative Strength Index (RSI) stayed in neutral territory during the wave (v) peak and has begun to cool off, suggesting a consolidation or correction phase.
SOL is retesting prior support in the $160–$165 range.
This area is crucial as it overlaps with horizontal support and the Fib cluster.
If this zone holds, SOL may resume its uptrend toward the 0.5 and 0.618 Fib levels at $195 and $218.
A breakdown, however, could lead to a revisit of deeper support at $142 or even $130.
Overall, the structure indicates a completed impulse wave followed by the early stages of a correction.
Maintaining higher lows will be essential to preserve bullish momentum.
SOL Price Prediction
The 1-hour chart suggests SOL is currently in a corrective ABC pattern, with wave A completed at $164 and wave B retracing toward $176.
A projected wave C now seems likely, targeting lower Fibonacci levels between $150 and $142.
The most likely confluence for a correction completion lies near the 1.618 extension of wave A, which aligns with $142.31, a level that matches previous resistance turned support and horizontal Fib clusters.
If sellers push past this level, further downside could extend toward $134.25 (2.0 Fib), followed by $130, the 0.618 retracement of the prior macro impulse.
Short-term momentum on the RSI shows a breakdown from overbought levels, adding confirmation to the corrective bias.
However, if bulls defend the $165–$160 support zone and reclaim $171, the corrective count could be invalidated, setting up a continuation toward $195 and above.
A failed breakdown and reclaim of higher resistance zones would put $184.28 back in focus as the next breakout level.
The price may be chopped within this corrective structure before finalizing the C wave.
The subsequent few sessions will determine whether SOL resumes its uptrend or dips further into the retracement zones.
Key Levels to Watch
- Support: $150.76 (0.382 Fib), $142.31 (1.618 Fib).
- Resistance: $171.84, $184.28, $195.
- Invalidation: Below $130 (loss of major Fib confluence).
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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