Solana has been in a prolonged corrective phase, forming a descending channel while following a five-wave Elliott Wave pattern. The latest price action suggests that the asset may be approaching a turning point, with potential signs of a bullish reversal emerging.

Technical Indicators Point to a Possible Breakout

On the 4-hour chart, Solana has reached a key support level at $168,94, aligning with the 1.0 Fibonacci extension of the prior corrective wave. A strong bullish divergence on the RSI indicates weakening bearish momentum, increasing the probability of an upward move. Price action has bounced off this support, forming an early recovery structure that could evolve into an impulse wave. If SOL breaks above the descending trendline resistance near $173, it may signal the start of a new bullish phase.

Resistance Levels to Watch for Confirmation

Key resistance areas stand at $195,81 and $216,90, corresponding with significant Fibonacci retracement zones. If SOL sustains momentum and clears $173,42, it could pave the way for a stronger recovery. However, if the price fails to hold above $168,94, further downside toward $160 remains a possibility. Traders will be watching volume trends and RSI strength closely to determine whether this rebound has the momentum needed for a full breakout.