Solana started a fresh increase above the $136 zone. SOL price is now consolidating above $138 and might aim for more gains above the $142 zone.

• SOL price started a fresh upward move above the $136 and $138 levels against the US Dollar.
• The price is now trading above $138 and the 100-hourly simple moving average.
• There was a break above a bearish trend line with resistance at $137 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could extend gains if it clears the $142 resistance zone.

Solana Price Regains Traction

Solana price corrected gains from the $144 zone but remained stable above the $130 zone, beating Bitcoin and Ethereum. SOL formed a low near $132 and started a fresh upward move.

The price climbed above the $135 level to enter a short-term positive zone. It surpassed the 50% Fib retracement level of the downward move from the $143 swing high to the $132 low. Besides, there was a break above a bearish trend line with resistance at $137 on the hourly chart of the SOL/USD pair.

Solana is now trading above $138 and the 100-hourly simple moving average. On the upside, the price is facing resistance near $140 and the 76.4% Fib retracement level of the downward move from the $143 swing high to the $132 low. The next major resistance is near the $142 level.

The main resistance could be $145. A successful close above the $145 resistance zone could set the pace for another steady increase. The next key resistance is $150. Any more gains might send the price toward the $155 level.

Another Decline In SOL?

If SOL fails to rise above the $140 resistance, it could start another decline. Initial support on the downside is near the $138 zone. The first major support is near the $135 level.

A break below the $135 level might send the price toward the $132 support zone. If there is a close below the $132 support, the price could decline toward the $124 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $138 and $135.

Major Resistance Levels – $140 and $142.

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Bitcoin’s weekly chart is at a pivotal point, with price action hovering around key structural levels. Traders are now questioning whether the current move marks the start of a deeper correction or just a healthy consolidation before the next leg up.

Elliott Wave Signals Align With Developing Correction

Elliott Waves Academy, in its latest analysis tracking Bitcoin’s expected wave path on the weekly timeframe, has raised a key question: has the corrective wave begun? The recent market structure indicates that the bullish leg has likely completed, and the price may now be transitioning into a corrective phase. A critical support level of the prior upward wave has been broken, hinting at a potential wave reversal in progress.

The evidence for this transition grows stronger when observing the break below the lower boundary of the diagonal pattern and the final price channel. Both of these structures previously acted as strong supports during Bitcoin’s impulsive climb, and their breakdown now suggests that market control is slowly shifting from buyers to sellers. 

Currently, Bitcoin is trading beneath the lower boundary of the price channel, which has flipped into a key resistance zone. As long as the price remains below this zone, bearish sentiment could persist, keeping the market in a cautious state.

Despite the weakness, there are signs that the downward sub-wave might be nearing completion. The structure suggests that a short-term upward corrective wave could emerge as the market attempts to stabilize and regain footing. 

Expected Outlooks

Sharing his expectations, Elliott Waves Academy noted that Bitcoin may continue to consolidate around its current levels as bulls attempt to defend their positions. Such a phase of sideways movement often reflects a period of indecision in the market, where both buyers and sellers are waiting for confirmation before committing to their next major moves. 

However, the Academy cautioned that if signs of weakness begin to emerge near the current resistance zone, the market could face a potential reversal. This shift could trigger renewed bearish pressure, pushing Bitcoin into a deeper corrective leg. 

According to the analysis, the correction could extend toward the 50%–61.8% Fibonacci retracement levels of the previous upward wave. These Fibonacci zones often serve as key areas of support during corrective movements, and a decline into these ranges could provide a more stable foundation for a future bullish reversal. 

Ultimately, monitoring price behavior around these crucial levels in the following days will be essential. Whether the market holds firm in consolidation or slips into a deeper retracement, the upcoming movements in these zones could set the tone for the next phase of Bitcoin’s long-term wave cycle.

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