Solana (SOL) has come under renewed selling pressure after losing a key rising-channel support pattern, intensifying the bearish outlook. Analysts now warn that the correction from recent highs may not be over, with the $62–$43 range emerging as the next major support zone.
According to analysts at More Crypto Online, SOL broke beneath a previously monitored rising channel, a development that shifts the broader technical structure in favor of further downside. Under the preferred Elliott Wave count, the rally from the February low is classified as a corrective B-wave within a larger bearish sequence. The chart highlights Fibonacci retracement levels near $62.43 and $43.22 as potential areas where buyers could attempt to form a durable low. A move into this region would align with the projected third-wave decline, and even a rebound from there would likely remain corrective before another leg lower.
On shorter timeframes, SOL is repeatedly testing the $67.48 intraday support, as noted by analyst EllioTrades. The 15-minute chart shows a series of lower highs and lower lows, with each bounce from support becoming progressively weaker. This price action signals diminishing buyer strength. A failure to hold $67.48 could accelerate selling and trigger a sharper breakdown, while a strong defense is needed to stabilize the structure.
As long as SOL remains below the broken channel support, the path of least resistance appears to be lower. The primary danger zone remains the $62–$43 band, where traders will watch for signs of a potential bottom.
