Analyst's Perspective on Solana's Market Trend
More Crypto Online believes that Solana ($SOL) is currently in the process of completing an extended wave 4 correction, rather than being in a full-blown bear market. The analyst anticipates a final c-wave leg down but emphasizes that the current support cluster remains perfectly intact. Once the c-wave low is printed, Solana is expected to launch into its strongest impulse wave of the entire cycle.
Technical Analysis of Solana's Support Levels
More Crypto Online has presented a detailed wave count, indicating that Solana is trapped in a massive purple wave 4 box that began after the March 2024 all-time high. The current price action shows Solana grinding along the lower boundary of this box, near the 0.618 Fibonacci zone and the previous wave 4 low from late 2023. This prolonged drawdown, described as a textbook but stretched fourth-wave correction, is viewed as healthy profit-taking within a larger five-wave supercycle advance that initiated at the 2022 bottom.
The analyst highlights that the longer and more complex the fourth wave correction, the more explosive the subsequent fifth wave tends to be. A crucial aspect of this thesis is the cluster of support that is currently holding firm. This support zone, situated between $120 and $140, encompasses the 0.618 retracement level, the prior fourth-wave extreme, and the 200-day Exponential Moving Average (EMA). As long as this zone remains unbroken, the bullish scenario for Solana is considered to be fully on track.
The projection suggests that a final c-wave flush into the low $100s or high $90s would simply test the lower trendline of the multi-year channel and complete the a-b-c structure before the anticipated markup phase begins.
Market Sentiment and Network Performance
According to More Crypto Online, market participants who are declaring "Solana is dead" are overlooking the broader picture. The network continues to demonstrate strong performance, even during periods of price decline. This includes posting record daily active users, fee revenue, and Decentralized Finance (DeFi) Total Value Locked (TVL) growth, which the analyst considers classic fourth-wave divergence.
Future Price Predictions and Investor Outlook
Once the eventual c-wave low is established, the analyst predicts that Solana will experience its most significant upward movement of the entire bull market. This could potentially lead to price targets of $400–$600 within the next 12 to 18 months. For the present, patience is advised, as Solana is seen as coiling rather than dying. The analyst believes that when this fourth wave finally resolves, the subsequent fifth wave will reassert Solana's position as a leading digital asset.