Solana Price Analysis: Chart Structure Hints at Potential Drop to $77

Solana's recent price has been fluctuating around $84, and chart structures suggest a potential further decline to the $79-$77 range. Intraday Chart: Rally Followed by Retracement Based on the recent upward momentum, the chart displays Fibonacci retracement levels. The 38.20% retracement level is near $86.45, and the 50.00% retracement level is close to $86.87. The 61.80% and 78.60% retracement levels are located above at $87.32 and $87.95, respectively. These levels are just below the larger resistance zone between $88.57 and $91.00.

Elliott Wave Structure: Potential Continuation of Downward Trend The chart also depicts an Elliott Wave pattern, with a possible sequence between 1 and 5. This sequence formed after the B peak was rejected. The first wave appears to be near the $85 area, representing the initial decline after the local high. Subsequently, the market experienced a brief rebound, the second wave, reaching the Fibonacci levels but failing to reclaim the resistance.

Key Support and Resistance Levels Define Short-Term Range Currently, the closest upper resistance level within 24 hours is $88.54. Any upward movement must first break through this limit before reaching the larger resistance zone above $88.57. In a bullish scenario, SOL will remain above $84.52 and slowly rise to $86.45, followed by the $87.32 and $88.54 resistance levels. In a bearish market, the price will fall below $84.52, which will open a path towards $82, then $80, with the calculated wave reaching a potential low area of $79 and $77.