Popular Solana analyst claims Wave 4 is “doing exactly what it should,” sees one more leg down likely taking SOL to $90.
More Crypto Online, aA popular Elliott Wave analyst on YouTube, sees Solana’s recent sideways grind not as random noise, but as textbook behavior for a weakening market structure — and he’s siding with the bears until proven otherwise.
In his latest update, the creator, known for detailed wave counts and regular Solana coverage, frames the last five weeks of flat trading on the weekly chart as a classic Wave 4 consolidation. That matters because in his primary roadmap, this Wave 4 is a pause before one more leg lower, not the start of a fresh impulse higher.
“Pressure is downward,” he says, pointing out that Solana has sat inside a key Fibonacci support band for weeks “without any real buy reaction.”
Key Call: One More Low Toward $90-$81.50
On the higher time-frame, the analyst tracks an A-B-C correction where Solana’s current move is the C-wave down, subdividing into five smaller waves. Within that structure, he highlights the $90-$81.50 zone as the next “obvious” support if price breaks lower again.
Two reasons stand out:
* In a higher-degree fourth wave, markets often retrace to the 38.2% Fibonacci level — which lines up with that region.
* On the micro level, a full C-wave often extends to 100% of the A-wave; that extension target sits around $81.50.
The confluence of those levels, he argues, makes the $90-$81.50 area the most probable zone for a washout low if the bearish path continues.
Sideways Solana, Tired Bulls
On lower time-frames, he shows two near-identical scenarios: both allow for a dip into that $90-$80 pocket. The only real question, in his view, is whether the local top of Wave 4 already formed on December 4, or whether a broader, “wider” Wave 4 can still develop before the final push down.
For the more bullish extension case (a larger C-wave up inside Wave 4) he’s blunt: the market had time, and hasn’t delivered.
To even consider that bullish variant, he wants to see a clean five-wave move up from the recent swing low — “a series of higher highs and higher lows.” So far, he says, price has only managed a three-wave bounce from the 88.7% Fibonacci level, with “nothing impulsive” to follow.
The lower Solana drifts, the more he assumes the top of Wave 4 is already in.
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Why It Matters for Solana Traders
If his count is right, Solana remains in a corrective phase within a larger uptrend, but with at least one more shakeout likely before any sustainable rally. Investors watching for a bottom may find the $90-$81.50 band critical: a reaction there — ideally a clear five-wave surge off the lows — would be his first technical sign that the correction has finally exhausted sellers.
Until then, he recommends caution, reads the structure as still short‑term bearish, and is not entertaining a “directly bullish” path without much stronger evidence.
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