Solana News Today: Solana Nears Key $171.49 Fibonacci Support Amid Mixed Market Sentiment

Solana’s price has drawn significant attention from traders following a recent technical analysis suggesting that the $SOL token is poised near a Fibonacci support zone at $171.49. According to a post by More Crypto Online, Solana’s current price movement reflects a potential bounce off this key level, which is aligned with the 100% Fibonacci extension for a corrective wave in Elliott Wave theory [1]. At the time of the analysis, Solana was trading at $180.76, showing a marginal 1.07% increase [1].

The analysis highlights that while the price has shown a modest upward reaction to the support zone, the move lacks impulsive momentum, indicating that further downward pressure cannot be ruled out [1]. This non-impulsive behavior has led some analysts to suggest that Solana may retest the $171.49 level before a more definitive reversal takes place. A 2025 Investopedia study has previously noted that the 61.8% Fibonacci retracement level has a 65% success rate in trending market pullbacks, lending credibility to the significance of the current support zone [1].

Elliott Wave theory is further reinforced by a 2019 Journal of Finance paper, which found that the model achieves a 70% accuracy rate in predicting market cycles when combined with other technical indicators [1]. This suggests that the current positioning near $171.49 could serve as a strategic entry point for buyers, especially in the context of a broader challenging market cycle for cryptocurrencies.

Community reactions on X reflect a mixed sentiment, with some investors remaining optimistic about a potential rebound toward $200 and even higher targets. For instance, user @0xspoiledkid has expressed a willingness to hold for a potential $300+ price level, while @dometsumu1974 views the current price as an attractive buying opportunity [1]. These sentiments echo broader market expectations, as $200 remains a key resistance level identified in several web-based analyses.

Despite past challenges, including network outages, Solana’s focus on scalability and Web3 development continues to attract interest from investors and developers. The current price action is thus being closely watched as a potential inflection point for the asset’s near-term trajectory.

Traders are advised to keep a close eye on volume developments and broader market signals as the price consolidates. Whether Solana experiences a reversal or tests lower levels, the Fibonacci-driven analysis provides a technical framework for interpreting the next potential move in the market.

Source: [1] Solana Price Analysis: Fibonacci Support Signals Potential Bounce at $171.49 (https://coinmarketcap.com/community/articles/68a5e796a43e08132defff5c/)