SOL Weak Signals: Analysts Investigate Targets of $74-$79

The current Baht condition of Solana shows that the price trend remains significantly weak. Although the price recently rose to $91.66 with a 5.33% increase over 24 hours, many technical indicators suggest that SOL may still be in a defensive structure without confirmed recovery. Analysts point out that if the Elliott Wave pattern of the bear market 1-2 remains valid, Solana could face downward pressure toward support targets ranging from $79 to $74.

Weak Technical Signals of Solana on TradingView

On the daily chart on TradingView, Solana’s price shows a rather disturbed situation. SOL is trading at $85.43, while the Supertrend indicator remains high at $93.76, reflecting ongoing overselling conditions. The inability of the price to return to this level indicates that buyers still lack the power to steer the market.

Looking at the 24-hour price structure, the weak signals are clear as the price moves sideways after a sharp dip in February. This stability often indicates a pause rather than a strong reversal. The latest candlestick suggests that a preliminary support zone is forming between $80 and mid-level, but the overall structure still signals a lack of selling momentum.

The RSI indicator provides useful insights, sitting at 47.01 and moving above the signal level of 45.54. This indicates that selling pressure is losing momentum, but buyers have not yet taken control. These conditions create market uncertainty, with limited potential for a recovery.

Bearish Elliott Wave: Solana’s Failure to Break Through

A short-term 15-minute analysis from More Crypto Online reveals a concerning pattern. The recent recovery has lost strength and may be preparing for another decline. Analysts identify a potential bearish Elliott Wave formation 1-2, with price movement stalling below key resistance zones between $86.45 and $87.95.

If this situation persists, Solana could begin a strong downward move, with lower support levels already under investigation. The primary target for weak sellers is in the $79 to $74 range, indicating future support boundaries that may need testing.

The failure of Solana’s price to break above resistance levels signals significant weakness. This structure still suggests that a horizontal Elliott Wave pattern could indicate ongoing corrective movements ahead.

Disclaimer: This article is for informational purposes only and should not be interpreted as investment advice or financial guidance. The opinions expressed may include personal views. Readers are encouraged to conduct thorough research and consult financial professionals before making investment decisions.