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SOL Solana is trading around $103, and the market is waiting to see whether the breakthrough can withstand backtests.
On Wednesday, September 9, Solana (SOL) trading price hovered around $103. Traders are weighing whether their recent breakthrough will withstand the test of backtests or give way to another round of correction. At the time of report, SOL was priced at about $103.43, down about 0.3% in 24 hours, but up about 3.9% in the past seven days. This performance puts the cryptocurrency somewhere between a potentially long-term large-level structure and a more cautious short-term wave count.
Solana's daily breakthrough puts the $100 support level into focus.
A SOL/USDT daily chart shared by Inmortal shows that Solana is breaking out from a wide consolidation after several months of fluctuating mainly in the high range of more than US$60 to more than US$90. The key question is whether the previous resistance ceiling of about $98 to $100 can now be transformed into support.
The chart marks a sharp break through the range ceiling in August, followed by price consolidation between $100 and $110. This structure is constructive as long as SOL does not decisively break through the breakthrough area.
Inmortal outlines a hypothetical correction scenario: prices first fall below $100, then resume rising, and the path is expected to eventually extend to $150. From a technical perspective, the controlled backtest and subsequent recovery of $100 would strengthen the view that "old resistance has turned into support." On this basis, SOL needs to clear the $110 near recent consolidation highs to give credibility to the larger upside scenario.
If we continue to fall below the breakthrough zone, this interpretation will be weakened. The chart shows additional reference areas near highs of $82 and over $60, although deeper price reversals are needed to make these levels a priority.
The short-term Elliot wave chart warns that Solana may fall again.
The hourly trend is less optimistic. More Crypto Online pointed out that Solana may still be in the midst of falling Wave C after the possible top of Wave B, while emphasizing that the bearish structure is messy and has not yet been fully confirmed.
Given that SOL is currently showing around $103.07, the chart identifies Fibonacci resistance clusters at $103.89,$104.53,$105.18, and $106.11. This makes the range of about $104 to $106 an important test point for the current rebound.
If rejected from this range and weakened again, it will support the proposed C wave scenario. The chart first points to support around $98, followed by the more significant $94.83 to $94.39 cluster. A deeper extension could reach about $91.57 to $90.46.
On the contrary, a clean breakthrough of US$106.11 will pose a challenge to the immediate bearish sequence. Recovering the large resistance area around $110.50 will further weaken the C-Wave explanation and turn attention back to bullish daily breakouts.
Currently, Solana is in between these two scenarios. Holding or quickly recovering $100 will retain a larger long structure, while encountering a rejection between $104 and $106 and falling below nearby support will increase the risk of moving into the mid-term $90-plus region until buyers regain control.
