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Following
SOL Solana stabilizes around $103 after regaining key resistance, and the short-term rebound structure remains intact.
Although signs emerged that the market correction may not have ended, Solana maintained prices around $103 after regaining important early resistance at around $98, allowing the short-term recovery to continue. Technically, US$110 will be the next major test level; if a continuous breakthrough is achieved, the market focus will eventually shift to the resistance range of US$146 to US$152.
Wave 4 consolidation continues, Solana sticks to key support
Solana's short-term structure above US$98 remains constructive, but the current rebound is still in a corrective Elliot wave pattern rather than a confirmed new push wave. According to technical analysis, Solana was trading around $103 after the latest correction, and the chart shows Fibonacci immediate support at $102.50,$101.51,$100.53 and $99.14 respectively. This dense support area provides a relatively tight support band below current prices and also provides traders with a clear reference point for judging whether the rebound can continue.
Analysts pointed out that Solana is currently in the consolidation stage of the fourth wave after being rejected near $110. Recent price movements have manifested themselves as a series of overlapping three waves of movement, a structure that is usually associated with correction rather than a clear one-way trend. Under this scenario, it is still possible for Solana to break through the September 3 high as part of the rebound of Wave B, and then complete a larger correction process through the decline of Wave C. Therefore,$110 is an important resistance level and does not in itself constitute a trend confirmation signal.
The deeper support area lies between $90.46 and $94.83. Holding this area will preserve the possibility of launching another fifth wave of gains after the correction is over. If prices fall decisively below this range, it will weaken bullish views and suggest that the correction is more than expected.
Solana recovers $98 mark as traders look for the next trend
The broader price structure also highlights the importance of Solana's return to the above $90 zone. The rebound allowed Solana to break past levels that repeatedly affected prices earlier this year, strengthening buyers 'view of trying to turn early resistance into support. A trader said he had increased Solana's long position and expected another round of uptrend, while pointing out that a clear break below $90 would be a key point for the setups to fail.
The chart marks approximately $98.39 (a previous quarter's high) as the level that requires immediate defense. If Solana can stay above that threshold, it will support a structural break and continue the recent rally that began in the $70 area.
The next obstacle is the recent swing area near $110. Clearing this level with continued buying would strengthen bullish logic and leave relatively few clear resistance levels until the large supply area of $146 to $152. The higher area represents a more ambitious goal rather than an immediate forecast. Solana first needs to stand firm above $98, establish power beyond $110, and avoid falling below $90.
Currently, technical aspects suggest that Solana is at a decision point: support between US$98 and US$100 is conducive to another upward attempt, while losing the US$90 defense line will substantially weaken the recovery momentum and put pressure on a bullish continuation scenario.
