Solana (SOL) Rallies 47% From April Low, but Key Resistance May Cap Further Gains

Key Takeaways

• SOL hit resistance near the 0.5 macro Fib level.
• Rising wedge breakdown signals a possible A-B-C correction.
• $118–$120 is a critical support zone to watch.

Solana (SOL) has shown strong recovery momentum recently, rebounding off major support and breaking above key resistance zones.

Currently sitting at pivotal resistance, with the potential for either a continuation rally or a short-term correction.

The microstructure on the lower time frame suggests a completed five-wave impulse, with a corrective A-B-C now in development.

SOL Price Analysis

After forming a macro top around $294, SOL entered a significant corrective phase, completing a five-wave downward move into the $118.34–$98.83 demand zone on April 7.

This area coincided with the 0.618 and 0.786 Fibonacci retracement levels from the previous bull leg.

Price respected this zone with a strong bounce and is now consolidating around $139, eyeing the 0.5 Fib level.

The breakout from the descending wedge pattern marks a major structural shift, returning the price to retest prior broken support as resistance.

This pivot point could act as a launchpad for continuation toward $185.57 (0.382 retracement) and possibly $227.16 (0.236 Fib), assuming bullish momentum persists.

The Relative Strength Index (RSI) is trending upward but remains below overbought territory, leaving room for further upside.

However, historical price action around these zones suggests a pullback may be due before further gains. The green zone between $118 and $130 remains key for bullish continuation.

SOL Price Prediction

On the 1-hour chart, SOL has completed a full five-wave impulsive structure, peaking near $142.

This fifth wave formed within a rising wedge, which typically signals weakening momentum and precedes a corrective retracement.

Price is looking to break the wedge support, initiating what appears to be an A-B-C corrective structure.

Wave (a) is expected to bring SOL down toward the $125–$120 region, aligning with previous accumulation and the high-volume node on the visible range.

Wave (b) could retrace to around $134 before wave (c) continues the correction, possibly targeting $118.34 (0.618 Fib support).

The RSI has pulled back from overbought levels and is now neutral, suggesting that downside pressure could continue in the short term.

A strong bounce from the green zone would maintain bullish structure, while a break below $118 would signal deeper corrective potential.

If the A-B-C completes and SOL reclaims $140 on volume, the next target would be the $150–$155 resistance range.

Until then, a cautious approach is advised as the market digests recent gains.

Key Levels to Watch

• Major Support: $125 (local demand), $118.34 (0.618 Fib), $98.83 (macro support).
• Immediate Resistance: $142 (wave v peak), $155 (historical resistance), $185.57 (0.382 macro Fib).
• Breakout Confirmation: Daily close above $142 with rising volume.
• Invalidation Level: Drop below $118.34 would break bullish momentum.
• Fractal Watch Zone: $155–$185 for possible wave (iii) extension if bounce holds.