- SOL is a $110 trading close in the provided charts with initial resistance at $132.73 and higher Elliott Wave targets setting in.
- The four-day chart shows possible support at $82.58, $75.93 and $69.92, and further bearish projections push well lower.
- Stablecoin-holding addresses on Solana reached 14 million in October, although wallet counts alone cannot establish payment usage or unique users.
The technical crossroads for Solana price outlook are being driven by the unfinished recovery, several possible price targets, and growing stablecoin involvement.
SOL’s Recovery Remains Inside a Wider Price Channel
More Crypto Online describes SOL as still moving within a price channel, leaving its next major direction unresolved. The four-day chart shows a rebound following an extended decline from earlier highs. Yet the current recovery has not removed the possibility of another corrective phase.
The provided long-term chart has SOL at the $110.11 mark, and a separate snapshot has SOL at $109.31. These readings are not simultaneous prices and are based on different observations. Both indicate that SOL remains well below the first projected resistance at $132.73.
That level is the immediate reference point in the bullish scenario. A sustained move above it would bring $160.24 into focus, giving the recovery another technical test. Failure to clear resistance could leave SOL confined to its existing channel.
The chart shows potential resistance signs at $209.59 and $246.29 above those levels. These forecasts rely on further upward progress and the overcoming of the obstacles in between. They describe potential paths, not confirmed targets or assured outcomes.
Elliott Wave Levels Reveal the Risks on Both Sides
The chart’s yellow retracement zone places potential support at $82.58, $75.93, and $69.92. These levels would become relevant if selling pressure returned and the recovery weakened. Their role is to provide reference points for assessing a possible pullback.
The bearish scenario extends considerably lower, with projections around $48.55, $31.69, and $17.27. Such levels reflect the alternative wave interpretation shown in the supplied analysis. They do not establish that SOL will revisit those prices.
The distinction between a temporary retracement and a deeper correction remains central to the chart. Holding the developing channel would preserve the recovery structure, although resistance would remain overhead. A breakdown through channel support would weaken that structure and bring lower levels into consideration.
The chart also plots Fibonacci extensions at $364.68, $557.42, and $1,019.83 for 2027–2028. Those distant projections require substantial appreciation from the supplied price reference. For now, the nearer resistance and support levels offer more immediate evidence about market direction.
Stablecoin Growth Adds Another Measure of Network Activity
Price is only one part of Solana’s as of writing picture. The supplied Blockworks data records 14,018,082 stablecoin-holding addresses during September 28–October 4, 2026. The count stood below four million at the end of 2024.
The increase didn’t happen in one big jump, but rather in several increments. Numbers increased steadily to 2025 and increased steadily throughout the year of 2026, with a few plateaus in between. The latest reading is the highest point shown in the supplied series.
PrieXt notes that stablecoins can support payments and transfers as well as trading. Dollar-pegged assets allow users to move value without immediately converting into traditional currency. However, the holder-count chart does not reveal how frequently these activities occur.
Totals are different to counts of individuals. Individuals can have multiple wallets, and businesses and applications can use multiple addresses. Thus, the reported number can’t be understood as 14 million individual stablecoin users.
Nor does increased participation of the holders create transaction volume, re-use or payment demand. Those measures would need to be taken to determine the level of stablecoin usage throughout the network. The available figures establish growth in addresses, but leave actual usage unresolved.
Taken together, the supplied data presents two separate developments: an incomplete price recovery and expanding stablecoin participation. SOL’s technical outlook depends on its response to $132.73 resistance and the channel’s lower boundary. Stablecoin growth provides useful network context, but does not independently confirm the direction of SOL’s next move.