Solana came under pressure again in the short term, falling below the ascending channel support in the last decline. According to analysts, if the price maintains its weak outlook, the range between $62 and $43 stands out as the next important support zone.
Channel breakout strengthened bearish expectations
According to the analysis shared by More Crypto Online, SOL fell below the previously observed ascending channel structure, making the negative outlook evident. In the evaluation, it was stated that the last reaction movement was more of a correction rather than the beginning of a strong rise and that the retreat that started from the recent peaks may not have been completed yet.
Analysts consider the rise from the February lows in the Elliott Wave count as a B wave response within a broader bearish structure. Accordingly, the market may have entered a new downward phase.
Mini dictionary: Elliott Wave theory is a technical analysis approach that argues that market movements occur through repeating investor behavior patterns. Wave B represents the temporary response increase seen within a broader correction structure.
According to More Crypto Online analysis, the main support zone is between $62 and $43; The price’s tendency towards this area reveals a picture compatible with the third wave predicted in the decline scenario.
Fibonacci retracement levels near $62.43 and $43.22 are noteworthy on the chart. These levels are considered to be among the areas where buyers may try to create a more permanent bottom. However, a more positive alternative scenario remains on the table. In this scenario, the current pullback could be the last leg of correction before a stronger recovery. Still, analysts view this possibility as secondary for now.
Eyes on $67.48 in the short term
In the intraday view, the 15-minute chart shared by EllioTrades stands out. Accordingly, SOL repeatedly tested the short-term support around $67.48 following the ongoing pullback throughout the trading period. This level has so far been viewed as the main base preventing a deeper dissolution.
The chart structure shows lower highs and lower lows continuing. Short-term recovery attempts failed to overcome previous swing highs and sellers pushed the price back towards the support line. In technical analysis, this type of repeated pressure often indicates that the buyer is starting to lose steam.
It was also noteworthy that the reaction from the $67.48 level remained more limited with each attempt. It is stated that if this base is lost, the selling pressure may accelerate and the downward movement may become harsher. On the other hand, this level will need to be maintained strongly to stabilize the short-term structure.
Pressure continues on the outlook
For now, the technical outlook indicates that downward pressure is maintained. While the price is stuck just above the support after the sharp intraday sales, it is considered that weakness in the broader structure may continue as long as it remains below the broken channel line.
