Solana hovered close to $100 early Thursday following a sharp rally that met renewed selling, leaving its short-term direction in question. Traders faced a split technical picture, with downside targets near $94.83 and $90.46 as short-term support, while bullish signals emerged on higher timeframes.
Wave 4 correction highlights $94.83-$90.46 support zone
Analysts at More Crypto Online identified Solana’s recent dip as part of a wave 4 correction after the loss of intraday support and a breakdown below the lower edge of its prior rising channel. The one-hour chart mapped out a potential C wave decline before a renewed push higher within the broader bullish structure.
Solana had recently touched a high near $109 but reversed after failing to sustain the ascending channel that had previously guided its move up. The price fell to approximately $99.45 at the time the technical chart was captured, confirming the break of channel support and prompting an immediate bearish shift.
Clear support levels emerged at $94.83 and $90.46 on the Fibonacci retracement scale. The first marks the 38.2% retracement from the recent move, while the second represents the 50% level. These figures now form a crucial support band for Solana’s ongoing correction phase.
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AAPLA decisive rebound above $94.83 would increase the likelihood that the wave 4 correction is ending, potentially shifting the trend back in the bulls’ favor. However, regaining the broken channel and retesting the $103 to $107 range is seen as necessary before any further challenge of the $111 resistance level can materialize.
| Price Level | Significance |
|---|---|
| $94.83 | 38.2% Fibonacci, key support for ongoing correction |
| $90.46 | 50% Fibonacci, deeper support if $94.83 fails |
| $103-$107 | Range to reclaim for bullish momentum |
| $111 | Major resistance for further advance |
A sustained drop through $90.46 could undermine the current wave structure and suggest a risk of deeper corrective losses for Solana in the short term.
Daily chart nears potentially bullish moving average crossover
Crypto Rover, a popular cryptocurrency analyst, called attention to a potential bullish development on Solana’s daily chart as the 50-day simple moving average approaches a crossover above the 100-day average. This technical setup follows Solana’s strong rally from the $70 range and its push past both moving averages.
At the displayed chart values, the 50-day SMA stood at $80.59 while the 100-day SMA was at $80.67. Although the crossover was not confirmed at the time, the narrowing spread hinted that a bullish signal could soon materialize if upward momentum persists.
Solana remained above both moving averages even after its pullback from the $109 peak to around $99, signaling that the daily recovery has stayed largely intact despite short-term pressure.
Confirmation of the crossover would occur if the 50-day SMA rises above the 100-day SMA and Solana continues to hold above its recent breakout. The main immediate obstacle on the upside lies between $104 and $109, followed by the more significant resistance at $111.
This combination of technical signals highlights distinct timeframes: Solana may face further near-term declines to $94.83 or $90.46, yet maintain an overall constructive daily outlook as long as significant support holds.
Solana last traded near $100 early on September 3 after joining a broader retreat among major digital assets during Wednesday’s risk-off shift. Market sentiment appeared steadier on Thursday as global Treasury yields eased, though ongoing geopolitical tensions and expectations for the Federal Reserve continue to shape the backdrop for risk assets such as cryptocurrencies.
Key support for Solana sits between $94.83 and $90.46 as bulls attempt to stabilize the short-term correction, while a pending bullish moving average crossover on the daily chart could signal a resumption of broader upside momentum.
