Solana Correction Not Over: Analysts Warn of Final Downside Test

According to a recent analysis by More Crypto Online, Solana’s chart structure suggests the broader corrective phase, labeled as Wave IV, is not yet complete. The primary interpretation, termed the ‘orange scenario,’ aligns current price action with a C-wave decline within this Wave IV. This outlook remains valid as long as the price movement lacks impulsive characteristics that would signal a new uptrend. Even under an alternative ‘white scenario,’ the present pullback is viewed as an A-wave, which similarly leaves room for another low before any significant B-wave recovery or potential fifth-wave advance can develop.

This dual-scenario analysis underscores a consistent conclusion: the correction for SOL may not be finished. From a short-term perspective, the chart suggests Solana could drift lower into the $81 to $90 region. The analyst emphasized that there are currently no clear structural signals indicating an immediate bullish continuation. The absence of impulsive upside movement keeps downside scenarios firmly in play, with the market awaiting stronger momentum to confirm a trend change.

Amid the corrective pressure, a key area of focus is the 50% Fibonacci retracement level. Analysis from AltCoin Việt Nam highlights that Solana’s price action is showing a strong and controlled reaction around this support zone. Instead of breaking down aggressively, the price has been rebounding in a measured manner, suggesting that buyers maintain influence and are actively defending this level. This behavior provides a counterpoint to the purely bearish wave counts, indicating underlying strength.

However, this support is not without its invalidation point. A sustained move below the 50% Fibonacci level would signal that the current structure has broken down, potentially opening the door to deeper losses. For now, the analyst views recent pauses as temporary breathers within a broader upward structure rather than the beginning of a meaningful new downtrend. The controlled nature of the rebounds at this key Fibonacci level is a critical technical detail for traders monitoring SOL’s resilience.

Adding a fundamental layer to the technical analysis is the ongoing narrative surrounding a potential spot Solana ETF. AltCoin Việt Nam notes that capital inflows linked to this theme are not arriving in a fear-of-missing-out (FOMO) driven manner. Instead, spot SOL accumulation is occurring steadily across several sessions. This pattern of capital flow often reflects longer-term positioning by investors rather than short-term speculation.

This type of steady accumulation helps explain why the price of SOL tends to find support and rebound quickly when it revisits key technical zones, such as the 50% Fibonacci level. It suggests a base of committed capital that views dips as buying opportunities, providing a cushion against more severe declines. This dynamic creates a tension between near-term corrective technical pressures and longer-term supportive fundamental flows, defining the current market phase for Solana.

The immediate path for Solana hinges on the resolution of its current structure. The prevailing analyst view, as summarized by More Crypto Online, maintains focus on the risk of one more corrective low until stronger upside momentum appears. The $81-$90 zone is identified as a potential target for this final test. A successful hold and bounce from this region or the current Fibonacci support could set the stage for the next sustainable move higher.

An alternative, less-discussed setup also exists. If prices were to turn higher from current levels without establishing a new low, the broader structure since January 2025 could start to resemble a triangular consolidation pattern rather than a completed Wave IV. This scenario would imply a period of extended sideways movement instead of a rapid resumption of the prior uptrend. For traders and investors in SOL, the coming sessions will be crucial in determining which of these technical roads the cryptocurrency will travel.