Solana Price Nears Crucial Support at $94.83 Amid Wave 4 Correction

Solana's price hovered around $100 in early trading on Thursday after a rapid rally that was met with renewed selling pressure, leaving its short-term direction uncertain.

Traders face a mixed technical picture, with potential downside targets near $94.83 and $90.46 as short-term support, while bullish signals emerge on higher timeframes.

Analysts at More Crypto Online identified Solana's recent dip as part of a wave 4 correction after the loss of intraday support and a breakdown below its prior rising channel.

A decisive rebound above $94.83 could increase the likelihood that the wave 4 correction is ending, potentially shifting the trend back in the bulls' favor, according to Crypto Rover.