Peter Smith
⬤ Here's the thing with Solana right now—it's basically treading water. The price action hasn't shown any meaningful change in structure, just sideways movement that looks more like consolidation than anything else. After that sharp drop we saw earlier, SOL's been hanging out in this range, catching its breath. It's textbook corrective behavior, not a confirmed trend reversal. The market's still trying to figure out where it wants to go next.
⬤ The chart's pretty clear about one thing: there's solid micro support sitting between $126 and $127.25. Price keeps bouncing off this zone, which tells you it's holding up for now. As long as that level doesn't crack, the corrective structure stays intact. We're not seeing those aggressive impulse moves that'd signal a breakdown—just choppy, overlapping swings that scream consolidation.
The market remains corrective in nature, indicating that the broader setup has yet to resolve.
⬤ What we're likely seeing here is a three-wave corrective move, which fits perfectly with the idea of a broader wave (4) consolidation. It's not the start of some nasty downtrend—it's more like the market taking a breather before deciding what's next. There's resistance overhead keeping a lid on things, while support below keeps absorbing the selling pressure. Pretty standard range-bound action.
⬤ Bottom line? Solana's in wait-and-see mode. The structure's still holding, the key levels are defined, and nothing's broken yet. Until we get a decisive break above resistance or below that $126 support zone, expect more of the same—consolidation with no clear direction. That's just how corrective phases work.
Peter Smith
