Solana (SOL) lost rising channel support and is testing a key intraday floor near $67.48, according to technical analysis from More Crypto Online and EllioTrades. The breakdown follows what analysts classify as a corrective bounce rather than an impulsive rally, with the recovery attempt from a February low now considered a B-wave within a broader bearish Elliott Wave structure. Analysts at More Crypto Online identify the $62-$43 zone as the primary support area, with Fibonacci retracement levels at $62.43 and $43.22 highlighted as potential buyer entry points if the decline continues.
Solana Breaks Rising Channel Support With $62-$43 Zone Identified
SOL fell below the rising channel support that analysts at More Crypto Online previously monitored. The chart shows the breakdown occurring after a recovery attempt that the analysts classify as corrective rather than impulsive under their preferred Elliott Wave count.
The rally from the February low is considered a B-wave bounce within a broader bearish structure, according to the analysis. The market is now entering the next leg lower based on this interpretation.
The primary support zone lies between $62 and $43, according to More Crypto Online. The chart highlights Fibonacci retracement levels near $62.43 and $43.22 as areas where buyers could attempt to establish a more durable low. A move into that region would align with the projected third-wave decline shown in the bearish scenario.
The chart includes an alternative bullish count that allows the current decline to become the final leg of a larger correction before a stronger recovery develops. More Crypto Online notes this scenario remains secondary. The loss of channel support remains the key development, with the broader structure continuing to favor downside pressure as long as SOL stays below the broken trendline.
SOL Tests $67.48 Intraday Support After Steady Decline
SOL is trading near the $67.48 short-term support level after a steady decline throughout the session, according to a chart shared by EllioTrades. The 15-minute chart shows SOL repeatedly testing this area, which has so far prevented a deeper breakdown.
The chart highlights a sequence of lower highs and lower lows, reflecting persistent bearish momentum. Multiple recovery attempts failed to reclaim previous swing highs, while sellers continued pushing price back toward support.
SOL briefly bounced from the $67.48 zone several times, but each rebound became weaker than the previous one, according to the chart. If SOL loses the $67.48 floor, selling pressure could accelerate. A strong defense of this level would be needed to stabilize the short-term structure and slow the ongoing decline, based on the technical setup shown.
FAQ
What support level is Solana currently testing?
Solana is testing intraday support near $67.48, according to technical analysis from EllioTrades. The 15-minute chart shows SOL repeatedly testing this level after a steady decline throughout the session, with multiple brief bounces that became progressively weaker.
What price zone do analysts identify as Solana's next major support area?
Analysts at More Crypto Online identify the $62-$43 zone as the primary support area for Solana. The analysis highlights Fibonacci retracement levels at $62.43 and $43.22 within this zone as potential areas where buyers could attempt to establish a more durable low if the decline continues.
