Solana Faces $72 Test As TA Points At Another Dip

Solana remained below a yellow trend-line resistance near $75 after being rejected around the 61.8% Fibonacci retracement at $74.71.

That rejection matters because the analyst sees the recent structure as potentially unfinished, with a final decline still possible before a larger corrective rebound can develop.

The analyst said SOL may retest $72 and could fall toward the $68-$69 area if the current move is the fifth wave of a C-wave decline. That zone sits above a broader support band between $64.30 and $70.81, identified as important for the short- to medium-term outlook.

“Another low seems likely,” the analyst said, while stressing that the market remains quiet and has not yet provided evidence of a more durable bottom. A break below $64.30, however, would be more consequential: it could accelerate selling and suggest Solana has entered a new bearish phase, potentially a third wave lower.

There is also an alternative scenario. If SOL climbs above the recent swing high around $74-$75, the analyst said it could signal that the next upward move has already begun. In that case, the token could attempt to revisit the $82-$94 resistance region, where it topped during July.

Even a rally into that upper range would not necessarily indicate a new sustained uptrend. The analyst characterized the potential advance as a corrective C wave — a counter-trend bounce rather than a confirmed trend reversal — and noted that Solana’s move from its June low had initially unfolded in only three waves.

That relatively muted decline from the July high is one reason the analyst has not ruled out another rally attempt. A more clearly bearish Elliott Wave count would normally be expected to produce a forceful third-wave selloff, while SOL’s pullback has so far lacked that kind of momentum.

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