Solana Bounces Off $60 Support, But Bullish Confirmation Still Lacking

Solana's price action is showing early signs of recovery after finding strong support around $60. Analysts believe this level may mark the completion of a fifth wave within an impulse in wave C of a larger ABC correction.

The recent break above the descending channel resistance is seen as an encouraging signal, but a sustained move back above the $100 level is still needed to confirm a larger bullish reversal.

Traders are advised to remain cautious while watching for further confirmation, as there is still a possibility of one final short-term dip toward the $50 area. This potential wedge pattern in wave C may need to be completed before a more meaningful recovery begins.