Solana at a Crossroads: Will Key Support Spark a Bullish Reversal?
Solana (SOL) finds itself at a pivotal moment, with its price currently testing a crucial support zone. The cryptocurrency's next major upward wave hinges critically on how its price behaves within this defining region, following a significant correction that began in mid-September.
Market Correction Nears First Major Support Zone
According to a recent analysis by More Crypto Online, Solana maintains a significant opportunity to initiate a larger bullish move in its current cycle. After correcting since mid-September, SOL has now reached its initial major structural support zone, defined between $138 and $118. However, analysts caution that while the market is currently testing this area, there isn't yet sufficient evidence to confirm it as a strong support. A small green candle on the weekly chart is noted but is not considered a definitive signal for a reversal. Should Solana fail to sustain above the $117-$118 range, the market's attention will quickly pivot to a deeper correction scenario. In this case, the next significant macro support zone lies between $90 and $62. On the weekly chart, these two broad zones represent the most critical levels, and traders are advised against assuming either will hold without clear corroborating price action. The key remains to meticulously observe the microstructure of price behavior within these vital areas.
Micro-Timeframe Structure: The Decisive Factor for Reversal
A weekly support zone only becomes truly meaningful when lower timeframes begin to exhibit clear 5-wave impulse structures originating from the lows. These impulse patterns serve as early and strong confirmations that buyers are not just reacting temporarily but are entering the market with conviction. Without these crucial smaller-timeframe impulses, any bounce within a weekly support zone remains unconfirmed, merely indicating a price reaction to the area rather than the formation of a genuine bottom or a solid bullish reversal. To effectively differentiate between a weak bounce and a confirmed hold, analysts emphasize tracking micro price action on 15-minute, 1-hour, and 4-hour charts. These granular observations are vital for revealing whether buyers are actively defending key levels with genuine strength. Until Solana produces a clean and structured 5-wave move from a low, neither the higher nor the lower support scenarios can be definitively validated, keeping both possibilities firmly in play for traders.
