- Solana was trading at the 38.2% Fibonacci retracement following an orderly 3-wave corrective retraction.
- The upward trend that crosses $142.60 can be a sign of recovery, yet $144.60 is the key point.
- The current level of prices around $137 indicates a period of consolidation following recent volatility spikes.
Solana trades near key support after a clear corrective phase, with market participants watching for a defined reaction. The asset sits in a consolidation range as traders gauge whether a bounce or deeper retracement is likely.
Corrective Structure Reaches First Support Zone
Solana reacted to the rejection at $144.60with a distinct 3-wave pullback, a development discussed through data shared by More Crypto Online. The chart shows that the move down unfolded in a clean A–B–C structure, with wave A breaking momentum and wave B failing to reclaim the $142.60 region.
Price reached the 38.2% retracement near $135.50, creating conditions for a short-term reaction. The market attempted a bounce in this zone, yet the move still lacks confirmation. Buyers are also wary because lower supports at $132.84, $130.17$ and $126.47 are on the cards.
Further deterioration is possible in case the sellers get back on its heels. The pullback would still fit within the broader pattern as long as $126.47 holds. A clean break below that level may indicate that the prior advance toward $144.60 formed a completed structure.
Critical Resistance Levels Define the Next Move
For recovery attempts, the next step is watching how price behaves near resistance. More Crypto Online noted that a move above $142.60 would be an early sign of renewed strength. That level marks the previous B-wave high and serves as a structural boundary.
However, a confirmed break above $144.60 opens the path toward the $157 resistance area. This region aligns with prior reaction points and extension targets, making it a natural zone for bullish continuation if momentum returns.
As of writing trading conditions show Solana near $137.00. The asset remains almost unchanged on the day. The narrow range from $135.21-$137.78 reflects short-term uncertainty as participants await the next decisive breakout.
Market Structure Shows Consolidation After Volatility
Market cap stands at about $76.6 billion, supporting Solana’s status as a highly liquid asset. Circulating supply sits at 559.5 million SOL, with total supply near 615 million, leaving limited room between current and full valuation metrics.
Trading volume of $2.74 billion shows steady participation despite the tight price range. The intraday chart showed a quick rise to the mid-137 mark and the immediate rejection and recovery to the end of the day.
Short term movement is like a consolidation band wherein the buyers and sellers protect major levels. This act can be described as part of the larger corrective picture and indicates that the market might require a clearer stimulus prior to the establishment of direction.
