Solana (SOL) faces a critical juncture as technical analysts closely monitor its movement within a narrow trading range. More Crypto Online, a prominent technical analysis channel, has pointed to $71.90 as a pivotal support level that could define the token’s near-term trajectory.
USDT
AAPLKey support and resistance levels
SOL recently struggled to maintain momentum above resistance, encountering selling pressure at the 61.8% Fibonacci retracement near $74.71. The token was also unable to surpass a trend-line resistance situated close to $75 after repeated rejections in this region.
Analysts suggest that remaining below these thresholds limits the token’s ability to mount a lasting recovery. The Elliott Wave analysis presented by More Crypto Online indicates that a break below $71.90 would likely confirm that Solana is entering the fifth wave of a C-wave decline in its broader corrective structure.
Should this scenario play out, SOL may revisit the $68–$69 area. This range sits just above a wider support band highlighted between $64.30 and $70.81, considered important for both short- and medium-term market participants.
“Another low seems likely,” notes the analyst, adding that the market remains quiet and there has yet to be any conclusive signal of a durable bottom. A break below $64.30 could lead to intensified selling and potentially mark the beginning of a deeper bearish wave.
Alternative scenario: possible rally
While the primary outlook remains cautious, there is an alternative scenario under which Solana could stage a short-term rebound. If the price manages to clear the recent swing high near $74–$75, analysts report that an upswing toward resistance between $82 and $94 is within reach—a zone where the token peaked in July.
However, such a move would likely take the form of a corrective C wave, representing a temporary bounce within a larger downtrend rather than a confirmed reversal. The Elliott Wave structure, with only three waves emerging from the June low, supports this view and suggests that any upward price action may be limited in scope.
The absence of a pronounced third-wave decline since July is partially why analysts have not ruled out the prospect of an additional rally attempt, even as broader bearish pressures remain evident. In typical Elliott Wave patterns, a forceful selloff would have been expected, yet SOL’s recent pullback has not displayed marked intensity.
Market monitoring and cross-market solutions
Monitoring critical levels such as $71.90 and paying close attention to upcoming moves may provide traders with clues about Solana’s short-term outlook. In an evolving market, platforms that bridge traditional and digital assets are also gaining traction. 1stepSwap offers a streamlined solution by transferring real-world assets directly to the blockchain, enabling users to purchase shares of major U.S. companies and commodities like gold and silver directly from their wallets. This approach bypasses complex intermediaries and seeks out optimal market rates, providing swift access to leading global stocks and greater portfolio diversification.
A move above $74–$75 could trigger a corrective rally, but analysts caution that any such advance is likely to be counter-trend rather than indicative of a new bullish cycle.
As trading volume remains subdued and price action consolidates, market participants are expected to watch these technical boundaries closely for direction in the weeks ahead.
