Market watchers are paying close attention to the price behavior of Solana after weeks of downward pressure. On Feb 23, analyst BitGuru noted that SOL is attempting a rebound from a major support zone.
The asset had been moving inside a clear downtrend earlier, forming a pattern of lower highs and lower lows that showed strong selling control.
The decline eased as the price established strong support after a prolonged period of ranging. Rather than declining further, the price action became range-bound.
This is a typical indication that the selling pressure is weakening and the buying pressure is building up around significant levels. The 4-hour chart indicates that SOL has been fluctuating between the mid-$70s support zone and the low $90s resistance level.
Source: X
Every time the price tested the resistance level, the selling pressure forced it to return to the lower levels. However, the continuous support at the lower levels indicated that the bears were unable to drive the price lower.
Also Read: Solana Futures Flip Bearish as Revenue Hits 4-Month Low
Wave Structure Signals Corrective Phase
Another market update from More Crypto Online analyzed the behavior of wave patterns. Since the end of last year, SOL has been in a corrective cycle, not starting a new strong uptrend.
The descent to about $81.50 follows a planned wave C within an ABC correction pattern. The fall from the 2025 high may represent a complete correction or merely the beginning of a larger pattern.
The present pattern leans ever so slightly towards the notion that price may attempt to move higher once again later if support remains strong. For the moment, there is not much impulsive action.
The initial relief from the February low occurred in three waves, which rarely indicates a meaningful trend reversal. A possible 1-2 pattern may be forthcoming.
Source: X
Solana Key Levels to Watch for Direction
Technical analysis suggests that there are certain levels that need to be achieved in the future. If SOL moves above $88 and then breaks past $91.30, there could be an indication of upside momentum.
On the flip side, the region between $62 and $82 is a tough region. If the price drops cleanly through this region, it may result in larger corrections.
Larger Fibonacci targets indicate that strong selling interest may emerge between $48 and $32, which aligns with the long-term support theories. For a positive breakout, the price needs to regain the higher levels of $140-$170.
Also Read: Solana (SOL) Accumulation Rises Despite Shorts and Social Activity Decline
