Solana (SOL) has begun to show small signs of recovery after a quiet stretch in early April, with its price moving from $76 to around $86. While not dramatic, this move hints at a potential pattern that could become more significant if momentum builds. The slight improvement in market conditions, aided by easing geopolitical tensions around the Strait of Hormuz, has helped risk assets stabilize and push higher.
A closer look at the recent price action reveals a slow grind upward rather than a sharp breakout. According to analysis from More Crypto Online, this move fits into what appears to be a corrective structure that began after the January high. The analyst explains that the current upside move still lacks the strength needed to confirm a larger bullish reversal, suggesting a three-wave pattern that typically points to a temporary recovery instead of a sustained trend change.
Adding caution to the outlook is Solana's relative underperformance against Bitcoin. The SOL/BTC chart shows lower highs and lower lows since the March 2024 peak, indicating that Solana has not regained market leadership.
Key resistance levels will shape the next move. The area between $95 and $96 stands out as the first major test, aligning with the March high. A successful break above this level could open the door to a broader resistance zone between $110.82 and $138.79, based on Fibonacci projections. However, current subdued price behavior suggests the move needs more strength to reach these targets.
The bigger picture still leans toward caution, with the upward move looking more like a correction within a broader downtrend than the start of a new bullish cycle. The analyst emphasizes that a clear five-wave impulse would be needed to confirm a structural shift. Support zones have held multiple times throughout February, March, and April, providing room for short-term upward movement. A break below these support levels would quickly change the outlook, suggesting a return of weakness.
