Solana's Short-Term Recovery Hinges on Breaking $96 and $110 Resistance

Solana remains locked in a cautious consolidation phase, with short-term momentum stabilizing but major resistance levels still dictating the next meaningful move. Analysts see a temporary recovery forming—one that could turn into a stronger bounce if key barriers are cleared, or fade into another correction if sellers take control. Elliott Waves Academy: a corrective recovery could be underway On the 1-hour chart, Elliott Waves Academy maps a potential short-term recovery for SOL as wave (2)/(B), likely unfolding as a complex double zigzag. The pattern suggests the market is attempting to repair recent downward momentum rather than immediately resuming a sustained uptrend. What would confirm this recovery: - A decisive breakout above the upper boundary of the current diagonal pattern. - Clearing the resistance tied to the previous bearish wave. If those conditions are met, the primary relief-rally target sits in the 50%–61.8% Fibonacci retracement zone of the prior decline, with a possible extension toward the 78.6% level. Conversely, rejection at that resistance area would likely concentrate sellers and feed another corrective leg. A sequence of higher lows and impulsive waves, however, would shift the bias toward more sustained upside. MCO Global DE: still rangebound, key supports holding MCO Global DE notes Solana is trading sideways inside a broad multi-month range with no convincing breakout signal. Shorter timeframes are producing “noise,” and the dominant scenario remains range-bound. Key support and risk levels highlighted: - Immediate support: ~$81.28 - Significant support band: $71.92–$77.96 - Key resistance to watch: ~$96 (critical), and eventually ~$110 for a stronger bullish confirmation The analysts say another short-term dip is possible before any renewed recovery inside the larger B-wave structure. As long as the ~$96 resistance holds, the market remains vulnerable to deeper corrective moves. Until buyers clear that zone—and ultimately push past $110—the broader outlook stays cautious and neutral. What traders should watch - Break and close above the diagonal and the prior bearish-wave resistance for a bullish case. - Price behavior between $71.92 and $81.28 for downside support. - Rejection around $96 as a likely trigger for renewed selling; a push past $96 (and later $110) would be needed to validate a larger breakout. In short: Solana’s short-term recovery is plausible but fragile. Confirmation hinges on clearing the upper diagonal and key resistance levels; failure to do so would likely keep SOL trapped in its long-standing range.