- Solana has a critical support of about $183.64, where the buyers show strong interest despite a 10.7 per cent weekly fall.
- Breaking out of the price ceiling of $197.26 may open the doors leading to the price range of 226-235, with the help of fibonacci extensions.
- The 9-wave pattern and neutral RSI of the chart indicates that there may be a bullish continuation in the near future.
Solana (SOL) traded under pressure on Wednesday after a 10.7-week-long slide, and its prices are also close to the mark of $184.06 with a 10.7% decline . The virtual currency is currently stuck between a critical support at $183.64 and resistance at $197.26. Even though the recent pullback reversed, according to the technical patterns on the four-hour chart, there is a possibility of an upward continuation as soon as short-term selling pressure decreases.
Notably, a hidden bearish divergence appeared overnight, briefly weighing on sentiment across the broader crypto market. However, market observers maintain that Solana’s structure remains constructive in the medium term. The token’s price action continues to respect a long-standing ascending trendline while forming higher lows on the chart — a sign that buyers are still defending key levels aggressively.
Technical Levels Define the Near-Term Outlook
SOL’s four-hour chart reveals a detailed Elliott Wave formation showing nine smaller wave structures within a broader recovery phase. The coin’s price remains above the 0.236 Fibonacci retracement at approximately $182.62, indicating strong technical support. The next upside targets align with the 0.618 and 0.786 Fibonacci levels, positioned near $197.26 and $203.29 respectively.
Notably, a clean break above the 197 level of resistance may change the market momentum to higher levels in Fibonacci estimates at 226.34 and 235.48. These areas are possible sources of more trading and concentration of liquidity. The Relative Strength Index (RSI) is neutral and is maintained around the middle of ranges, thus there is a possibility of an increase without any overbought factor.
It is a gradual change of the existing price framework to the wider market setting, which is reason to believe in apprehensive optimism. In case buyers are able to maintain support once they reach the level of $183, the technical analysts believe that the recovery is going to be slow over the next few sessions. This is further confirmed by the existence of regular upward lows, despite volatility.
Market Behavior and Possible Short-Term Trends
Price behavior within the highlighted pattern suggests a consolidation phase rather than an immediate reversal. Liquidity levels remain stable, with a measured accumulation phase likely preceding any significant breakout. This dynamic often follows sharp corrective moves, especially after short-term divergences such as those observed earlier in the week.
Additionally, the ongoing pattern near the trendline from earlier market cycles reflects a similar setup to past accumulation periods. Should buying pressure intensify, Solana could revisit higher zones, retesting prior local highs between $203 and $211. The continuation of this structure would likely confirm the current trend’s strength and maintain upward bias through the short term.
For now, traders continue to monitor support at $183.64 closely. Sustained defense of this level remains essential for preserving the present technical structure and validating expectations for a potential move toward the $220–$235 range.
