Solana Faces Wave 3 Risk Below $86.90

2026-03-11 12:53:19

Solana is flashing renewed bearish signals after completing a 1-2 wave setup on the chart. With SOL trading in the mid-$80s and price holding below the critical $86.90 resistance, the market may be on the edge of a sharper leg down. Understanding what this Elliott Wave structure means is key before the next move plays out.

$86.90 Is the Line That Matters for SOL Bears

Solana has completed a 1-2 wave structure, setting up a potential wave 3 decline. In Elliott Wave theory, wave 3 is typically the most aggressive phase of any corrective sequence - fast, deep, and unforgiving to those caught on the wrong side.

The chart pins $86.90 as the wave-2 high that must hold as resistance. As long as SOL stays below this level, the bearish setup stays intact. A close above it would invalidate the count and shift the outlook back toward range consolidation or recovery.

Fibonacci Targets: $79, $75.99 and $74.15 in Focus

Downside projections from the current setup point to a cluster of Fibonacci extension levels: $79, $75.99, and $74.15. These zones converge near the main support floor and represent the most likely landing spots if wave 3 accelerates.

The broader picture adds context. In Solana Holds $87 Support as Two Scenarios Form, analysts noted that SOL had been stabilizing in the mid-$80s while the market weighed a push toward $95 against another volatility wave lower.

That indecision carried forward. In Solana Tests $88 Resistance After Bouncing Off $81, SOL attempted to reclaim higher ground after a bounce from lower support - a move that ultimately stalled at resistance. And in SOL Price Analysis: Only 20% of Solana Supply in Profit as 80% of Holders Stay Underwater, the data showed the asset stuck between $76 support and $90 resistance following its wider correction - with the overwhelming majority of holders still in the red.

Together, these levels frame the current decision point clearly: a confirmed break below $86.90 puts the Fibonacci support cluster in play, while any sustained move above it reopens the path toward $90-$95.

SOL-2,02%

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