Solana Price Faces Crucial Test as Correction Looms

Solana's price has stabilized around $100 after a recent sharp rally. However, technical indicators suggest that the cryptocurrency may be due for a deeper correction.

The one-hour chart shows possible downside toward $94.83-$90.46, while the daily structure points to a potentially bullish moving-average crossover developing beneath price.

Solana's Wave 4 Correction Puts $94.83 Support in Focus. The Fibonacci retracement marks at $94.826 and $90.458 form the main support zone for the wave 4 scenario.

A reaction above $94.83 would strengthen the case that the correction is approaching completion, while a sustained break below $90.46 would weaken the displayed wave structure.

The daily chart shows a potentially bullish moving-average crossover developing beneath price, with the 50-day simple moving average closing in on the 100-day average.