TL;DR:
- The SOL/USD pair stood in a range of $82 to $84 during the day on April 30, 2024.
- The price reached the so-called “blue zone” of support on the 4-hour (4H) chart.
- Confirmation of a new bullish trend depends on the breakout of a green signal line and a five-wave micro-impulse.
Following a period of gradual market correction, Solana’s price has entered a phase of critical support. At the end of April, the asset seeks to stabilize its technical structure to validate the end of its current corrective cycle.
According to the report by @moretradingonl on the X platform, the price of SOL validated contact with a blue target zone in the four-hour timeframe. Data from the source suggests that this level represents a point of technical confluence where Wave 2 corrections typically establish a market floor.
$SOL: The price has reached the blue target zone now. We need to see a micro 5-wave move up and break above the green signal line for an indication that a low in wave (2) has formed. pic.twitter.com/aUjAGne7Tx
— MCO Global (@moretradingonl) April 29, 2026
Over the last 24 hours, the asset has remained under pressure at the lower end of its corrective structure. Technical documentation from the analysis indicates that, to consider the downward phase finished, it is strictly necessary to observe a five-wave upward movement in lower timeframes.
This scenario presents itself as a decision point under the Elliott Wave Theory. According to the analyst, the price must break above the green signal line, which acts as a descending resistance that has limited previous recovery attempts during the week.
Technical Requirements for Wave 3 Validation
The analysis by @moretradingonl projects that, if the reversal pattern is met, the market would enter Wave 3, historically characterized as the strongest movement in an impulsive sequence. However, the current trend remains in a waiting state until the breakout of the aforementioned resistance level occurs.
The $79 to $82 zone is identified as the primary liquidity cluster. A technical report from the source warns that a drop below $79, accompanied by an increase in selling volume, could invalidate the thesis of immediate recovery and extend the correction toward lower levels.
The Wave 2 structure typically retraces between 50% and 78.6% of the previous impulse. According to the trend recorded on April 30, SOL is precisely within this Fibonacci retracement range, increasing the relevance of the current support zone for short-term traders.
Without a five-wave impulse on the 15-minute or one-hour charts, any bounce could be considered a transitory recovery. The source’s projection indicates that, if the floor is confirmed, targets for a potential Wave 3 could be placed in higher ranges, although the current priority is the defense of the $82 support.
The crypto-asset market now awaits the publication of monthly closing data. The next verifiable milestone for Solana will be the price reaction to the descending trendline at the opening of the first week of May.
