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We saw a brief spike to the horizontal zone but the price maintained above the descending channel support. This region acted as a critical demand zone, sparking a modest recovery since Feb. 3.\u00a0<\/span><\/p>\n Elliott Wave labeling suggests that SOL has likely completed wave Z of a larger corrective W-X-Y-X-Z pattern. The Relative Strength Index (RSI) shows bullish divergence, indicating weakening bearish momentum as price approaches key Fibonacci levels.\u00a0<\/span><\/p>\n The price currently tests the 0.618 Fibonacci retracement level at $216.90, a pivotal resistance that could dictate the next major move. A decisive breakout above this level could target the 0.5 ($231.72) and 0.382 ($246.54) retracement levels, signaling a potential bullish reversal. However, failure to breach this resistance may result in a retest of the $195.81 (0.786 Fibonacci) support.<\/span><\/p>\n Additionally, observing the volume trends reveals declining bearish pressure, supporting the potential for an upward breakout. The convergence of the descending channel\u2019s upper boundary with the 0.618 Fibonacci level adds confluence to this resistance zone. A sustained move above this area, accompanied by increasing volume, would provide stronger confirmation of a bullish reversal. Conversely, any rejection at this level with heightened selling pressure may reinforce bearish dominance, pushing SOL back toward lower support zones.<\/span><\/p>\n On the 1-hour chart, SOL shows signs of completing an impulsive five-wave structure, with wave (v) approaching the upper boundary of the descending channel. The following corrective ABC pattern suggests a potential short-term pullback, with wave C possibly targeting the $195.81 support (0.786 Fibonacci retracement).<\/span><\/p>\n<\/div>\nSOL Price Prediction<\/span><\/h2>\n