SOL Approaches Fibonacci Support Zone: Mapping the Wave Structure and Key Price Levels

Solana (SOL) has recently approached a critical fibonacci support zone that technical analysts have been monitoring across daily charts. The broader market narrative since November suggests we’re positioned within a corrective rally phase known as wave 4, which would eventually transition toward additional downside pressure targeting the $81.50 region. This level has consistently served as a key target for the potential C-wave decline, and the recent price action has brought us into close proximity to these fibonacci-based support levels. Currently, SOL is trading around $80.31, positioning it near this crucial confluence area.

The fibonacci Support Zone and Current Price Action

The fibonacci retracement levels provide a mathematical framework for identifying potential support and resistance zones in price movements. In SOL’s case, the fibonacci support zone has become increasingly relevant as price has descended from earlier highs. This zone isn’t just a single line but rather a band of levels where buyers have historically shown interest. The current positioning near $80.31 represents a critical juncture for determining the next directional move.

Technical analysts have identified two primary technical scenarios for interpreting the recent wave structure. The immediate support extends further down toward $62, providing a wider margin of safety for holding positions. However, the fibonacci zone between these levels represents the first line of defense for bulls seeking to establish a higher low in the corrective pattern.

Two Wave Scenarios: The Case for Different Interpretations

The ongoing debate centers on how to classify the decline from the 2025 highs. The orange wave count suggests that the drop from the peak completed a clean ABC correction pattern, indicating the termination of a larger wave (iv). This interpretation would imply a more substantial bottom is already in place.

Conversely, the white wave count presents a different narrative: the decline represents only wave A within a broader corrective formation. Under this scenario, we could expect additional downside following a potential bounce. Given the broader market context and price structure, the white count interpretation currently appears more probable. This reading would allow for a rebound from current levels, though any upside movement would likely manifest as corrective in nature—another ABC pattern rather than the onset of an impulsive trend.

Critical Price Levels and Confirmation Signals for Sustained Movement

For traders seeking confirmation of a meaningful reversal from the fibonacci support zone, specific price thresholds matter significantly. If SOL can clear the $88 resistance level and follow through decisively above $91.30, this would signal the first genuine indication that a more sustained rally could be developing.

Currently, the technical structure shows limited impulsive strength. The recent bounce originating from the February low only generated a three-wave pattern, which typically indicates corrective rather than impulsive character. A potential 1-2 setup may be forming, but such a setup remains unconfirmed at this stage. Patience is required before committing to a bullish thesis based on technical structure alone.

What’s Next: Testing Resistance and fibonacci Projections

A retest of the January highs near $150 remains technically possible over the coming months. However, we’re not yet at a stage where a confirmed bottom has been established. The fibonacci framework suggests that support extends down toward the lower zones, but the immediate vicinity of current price levels represents an important testing ground.

The path forward depends heavily on whether price can produce impulsive moves rather than continued corrective structures. Clearing above $91.30 would be the first meaningful signal that the fibonacci support zone has successfully held and reversed the earlier decline. Until such confirmation emerges, traders should remain cautious about betting aggressively on either side, recognizing that the market is still in a state of structural uncertainty regarding whether this fibonacci support zone marks a genuine turning point or merely a temporary pause in a longer-term decline.