Solana traded near $103 on Wednesday, Sept. 9, as traders weighed whether its recent breakout can survive a retest or give way to another corrective leg. SOL was around $103.43, down about 0.3% over 24 hours but up roughly 3.9% over seven days, leaving the cryptocurrency between a potentially bullish higher-time-frame setup and a more cautious short-term wave count.
Solana’s Daily Breakout Puts $100 Support in Focus
A daily SOL/USDT chart shared by Inmortal shows Solana emerging from a broad base after spending months largely between the upper-$60s and the high-$90s. The key question is whether the former ceiling around $98-$100 can now become support.
Solana SOL $100 Breakout and Retest. Source: Inmortal (@inmortalcrypto) on X
The chart marks a sharp August breakout through the range ceiling, followed by consolidation roughly between $100 and $110. That structure is constructive as long as SOL does not decisively lose the breakout area.
Inmortal sketches a hypothetical pullback below $100 before a recovery, with the projected path eventually extending toward $150.
From a technical perspective, a controlled retest followed by a reclaim of $100 would strengthen the case that the old resistance has flipped into support. SOL would then need to clear the recent consolidation highs near $110 before the larger upside scenario gains credibility.
A sustained breakdown beneath the breakout zone would weaken that interpretation. The chart shows additional reference areas near $82 and the upper-$60s, although price would need a much deeper reversal for those levels to become immediate concerns.
Short-Term Elliott Wave Chart Warns of Another SOL Decline
The hourly picture is less bullish. More Crypto Online said Solana likely remains in a C-wave decline after a possible B-wave top, while stressing that the bearish structure is choppy and has not been fully confirmed.
Solana SOL C-Wave Correction Levels. Source: More Crypto Online (@Morecryptoonl) on X
With SOL shown near $103.07, the chart identifies a Fibonacci resistance cluster at $103.89, $104.53, $105.18 and $106.11. That makes the roughly $104-$106 region an important test for the current rebound.
A rejection from that band followed by renewed weakness would support the proposed C-wave scenario. The chart points first toward support around $98, followed by a more significant cluster near $94.83-$94.39. A deeper extension could reach approximately $91.57 to $90.46.
Conversely, a clean move through $106.11 would challenge the immediate bearish sequence. Reclaiming the larger resistance area near $110.50 would weaken the C-wave interpretation further and shift attention back toward the bullish daily breakout.
For now, Solana sits between those two scenarios. Holding or quickly reclaiming $100 would preserve the larger bullish structure, while a rejection below $104-$106 and a break of nearby support would increase the risk of a move toward the mid-$90s before buyers regain control.