- Solana stabilized near $91 after volatile trading sessions and repeated tests of key support regions.
- Elliott Wave analysis indicated that Solana has a resistance target at $180, $230, and possibly above $300.
- Neutral SOL funding rates reflected balanced derivatives sentiment after previous liquidation-driven market declines.
Solana continued trading near critical support zones as futures sentiment stabilized across major exchanges. Market data showed SOL consolidating after recent volatility, while Elliott Wave projections pointed toward possible long-term recovery targets above current levels.
Elliott Wave Structure Keeps Long-Term Recovery Scenario Active
More Crypto Online shared a long-term Elliott Wave chart for Solana on X. The analysis suggested SOL may remain within a broader impulsive recovery structure. The posted chart focused on the transition from correction into renewed bullish development.
The left side of the structure displayed a completed ABC corrective formation after Solana’s earlier rally. According to the wave count, recent lows may represent a macro bottoming zone. Current price consolidation appeared consistent with the early stages of a developing bullish cycle.
Several Fibonacci extension levels created projected resistance areas above current market prices. The chart set significant upside levels in close proximity to the 138.2% and 161.8% extension levels. Those levels coincided with what was expected of a move towards the $180 and $230 levels.
The upper Fibonacci extensions also projected possible movement above the $300 region over time. Elliott Wave theory often associates Wave 3 formations with accelerated market momentum. The analysis suggested Solana could still be developing that larger expansion phase.
SOL Price Consolidates Near Key Technical Levels
SOL as of writing traded near $91.19 during the latest 24-hour trading session across major exchanges. The asset posted a modest 0.28% daily increase despite sharp intraday volatility. Early trading activity pushed SOL above the $93 resistance area before momentum weakened.
Buyers initially entered aggressively, supporting a strong upward impulse during morning trading hours. However, profit-taking activity emerged after resistance near $93 failed to break decisively. Price action later shifted into a descending pattern marked by weaker bullish momentum.
Selling pressure intensified briefly during the beginning of May 15 trading activity. SOL temporarily moved below the psychological $91 support level before recovering rapidly. Buyers absorbed the decline quickly, allowing price action to stabilize above support again.
The immediate support is now $90.70-$91.00 based on the technical data. During the short term, resistance is very tight, about $93.00-$93.30. Traders are still watching these levels for any sign of a breakout in the direction.
Funding Rates Reflect Balanced Futures Market Sentiment
The OI-weighted funding rate chart showed relatively balanced futures market positioning across exchanges. Funding rates fluctuated between mildly positive and mildly negative territory during the observed period. Green readings reflected bullish positioning, while red readings indicated increased short exposure.
A major negative funding spike appeared during October alongside a sharp SOL market decline. That movement suggested leveraged long liquidations and temporary futures market instability. Conditions later stabilized as excessive leverage gradually disappeared from the market.
From November onward, SOL entered a compressed trading structure below earlier yearly highs. Funding rates also became less aggressive, reflecting reduced speculative activity among derivatives traders. Volatility declined during this phase as market participants adopted a more cautious approach.
Exchange data showed Bybit leading SOL open interest with more than $1.10 billion recorded. Coinbase maintained the strongest spot-related trading volume among tracked exchanges. Binance continued recording the highest futures trade count across the derivatives market.
