The Trust Layer for Market Analysts

The analysis indicates that Solana (SOL) is currently in a corrective phase, having broken out of an upward channel to the downside. The short-term chart suggests that SOL is likely forming a three-wave structure, which could be interpreted as a B wave within a larger corrective pattern. The current price is struggling to find support. If the market were to retrace to the $87.922 level and break above it, it could signal a continuation of the upward trend. However, the dominant bearish trend suggests that further downside movement is more probable. The key support levels to watch are between $75.413 and $71.928. A break below these levels would invalidate the bullish scenario and confirm further downside. The analysis suggests that the market expects one more lower low before a potential reversal, but the current momentum favors a bearish outlook, with a potential target in the $110.547 range if bullish momentum can be sustained past $87.922.