SOL Technical Analysis: Sellers Assert Control Below $172 as Fibonacci Retracement Settings Reveal Hidden Support Zones

Solana continues to display structural weakness, with the cryptocurrency currently trading at $127.96 (down 0.96% in 24 hours) after encountering significant selling pressure at critical price levels. The rejection pattern observed at the 61.8% Fibonacci retracement approximately $172 has shifted market dynamics decisively in favor of bears.

🔹 Understanding Fibonacci Retracement Settings in Current Market

The fibonacci retracement settings traders are monitoring reveal that SOL has failed to sustain above the 61.8% level, a classical reversal zone in Elliott Wave analysis. Following this rejection, a distinct five-wave decline has materialized, fundamentally changing the short-term momentum picture. This technical breakdown suggests that any interim rallies from current levels should be viewed as temporary corrective moves rather than the start of a sustained uptrend.

🔹 Critical Support Zones and Price Levels

The architecture of Solana’s support structure presents multiple layers for traders to monitor:

Primary Support Zone: $138 – $118 This range, which aligns with lower timeframe support clusters, represents the next meaningful floor. If SOL breaks below this week’s low and particularly beneath the November 7th level near $150, confirmation of a deeper downtrend (wave 3 in Elliott Wave terminology) would likely accelerate selling pressure toward this zone.

Resistance Framework:

• Lower tier: $158.93 – $167.15
• Upper tier: $172 – $180

As long as Solana remains beneath the $172 ceiling, bearish momentum retains structural superiority.

🔹 Wave Count Analysis and Market Structure

The absence of a complete five-wave impulse rally from recent lows underscores the bearish technical setup. Current price action suggests traders may be experiencing a temporary wave 2 consolidation, but the overall bias remains tilted toward further downside. The market structure indicates that unless SOL decisively reclaims $172, any bounces are likely limited in scope and duration.

🔹 What’s Next for SOL?

The risk-reward setup currently favors caution among bulls. While a brief corrective bounce remains possible within the $158-$167 range, a breakdown below $150 would likely accelerate selling toward the $126–$118 support cluster. Traders should prioritize positions based on these critical levels and maintain discipline around $172 as the dividing line between neutral and bearish technicals.