Key levels under threat as Solana slips below channel support! What’s next for $SOL?

Channel breakdown sparks fresh bearish sentiment

According to an analysis shared by More Crypto Online, SOL has lost its previous upwards channel structure, amplifying the negative outlook for the asset. The report highlights that the latest price rebound appears to be more of a corrective bounce than the start of a new rally, suggesting the pullback from recent highs might still be ongoing.

Market observers using Elliott Wave theory interpret the rise from February’s lows as a B-wave correction within a broader decline. This analysis points to the possibility that Solana could be entering a new downward phase, in line with classical technical patterns.

Mini glossary: Elliott Wave theory is a technical analysis approach that views market cycles as reactions to recurring investor behavior patterns. The B-wave refers to a temporary rebound within a larger corrective move.

The More Crypto Online analysis marks $62 to $43 as the primary support area for SOL. A price move toward this range would fit the scenario of a third wave downturn outlined in their bearish outlook.

Analysts draw special attention to the Fibonacci retracement levels at approximately $62.43 and $43.22. These zones are seen as points where buyers may attempt to establish a lasting bottom. Still, an alternative and more optimistic scenario remains in play, where the current dip could set the stage for a powerful recovery. However, analysts currently view this as a secondary probability.

Short-term focus on the $67.48 zone

For intraday traders, EllioTrades highlights the significance of the 15-minute chart, where SOL has repeatedly tested short-term support near $67.48. So far, this level has acted as a key buffer, preventing a deeper breakdown during the session.

The chart structure continues to print lower highs and lower lows, indicating persistent selling pressure. Brief recovery attempts have failed to surpass previous peaks, pushing the price back toward support. In technical analysis, such recurring tests often signal that buying power is starting to fade.

The declining strength in each attempt to rebound from $67.48 has also been noteworthy. If this base is breached, analysts warn that selling pressure could accelerate, likely leading to a sharper downward move. To restore near-term balance, bulls must defend this level decisively.

Downward pressure persists across broader timeframe

From a wider perspective, technical signals still indicate that downward momentum is holding firm. Following volatile intraday selling, SOL’s price has found itself compressed just above support, and analysts believe that continued trading below the broken channel line could prolong the overall weakness.