Solana Holds Near $84 as Chart Structure Points to Possible Move Toward $79–$77

• Solana is currently trading at $84.94, which represents a 1.8% drop on a daily basis with the support level of about $84.52.

• The Fibonacci retracement range of $86.45- $87.95 is a significant recovery zone ahead of the resistance level of $88.54.

• The Elliott Wave projection suggests a possible five-wave downside path toward $79–$77 if support weakens.

The last session saw Solana trade at a lower level where the price was active exhibiting a weak pull back over the 24-hour period. The recent session has seen Solana trading at a lower price and price has displayed a mild pullback over the past 24 hrs.

As of today, SOL was trading at $84.94, a decrease of 1.8% over the time with the support level of $84.52 and the resistance level of $88.54. The chart formation also describes a potential 12 downside formation, which indicates the market is now in short-term testing following a recent upward drive in the market.

Intraday Chart Shows Recent Upswing Followed by Controlled Pullback

The 15 minutes chart shows a slow recovery following a previous decline. Price created a base at the A point, and started moving in successively higher moves. Notably, buyers pushed the asset toward a local peak labeled B, positioned close to the $88–$89 region. This area aligns with the upper resistance zone highlighted on the chart. However, momentum slowed shortly after reaching that region. Price then retraced from the local high and moved toward the $85 area.

Moreover, the chart reflects Fibonacci retracement levels based on the recent rise. The level of 38.20 percent seems to be close to $86.45, whereas the $50.00 percent level is close to $86.87. The retracement of $61.80 and the $78.60 have been noted above the price of $87.32 and $87.95 respectively. These levels are only second to the larger resistance block of between $88.57 and 91.00, a large zone of overhead supply.

Elliott Wave Structure Suggests Possible Downside Continuation

The chart also describes an estimated Elliott Wave pattern whereby a possible sequence is depicted between 1 and 5. This is formed following the rejection of the B peak.

Wave 1 seems close to the area of 85, which was the first decline after the local maximum. The market then made a short recovery known as the wave 2 which reached the Fibonacci levels but was not able to recapture the resistance.

$SOL
Possible 1-2 setup to the downside. pic.twitter.com/u3IQIwHtIQ

— More Crypto Online (@Morecryptoonl) March 11, 2026

Subsequently, the projection shows wave 3 and wave 4 extending downward through the mid-$80 range. The final projected move, wave 5, reaches toward the $79–$77 zone. In addition, the chart highlights a broader demand region between $76 and $74, displayed with a yellow band beneath current price levels.

Key Support and Resistance Levels Define Short-Term Range

Current trading remains close to the $84.52 support level, which serves as the immediate downside reference. The chart shows price repeatedly testing this area during the latest candles.

In the meantime, the closest upper limit in the 24-hour period is the $88.54 resistance. Any rise will have to break this limit first before it touches the bigger zone of resistance at above $88.57.

Today, in a bullish situation, SOL will retain a price above $84.52 and slowly advance to $86.45, then the $88.54 resistance of $87.32. A bearish market will have the price falling below the level of $84.52; this will open up to $82, then $80 and the calculated waves will reach the potential of $79 and $77 areas low.