In this video: Solana has reached its main support zone, but there is not enough evidence yet that a low is in. Here is where the next leg could take the price, and what would change the picture. We analyse Solana on 1 November 2026 using Elliott Wave. Since the September high, Solana has broken below its trend channel and below the $98 breakout level, and the price has now reached the upper boundary of the main support zone between $70.16 and $94.43. Video By More Crypto Online.
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The correction unfolds as an ABC, and the C wave down is likely underway toward the ideal target between $76.76 and $87.77, the 100% and 161.8% extensions. On the smaller timeframe, Solana formed a possible triangle over the weekend without a clear breakdown, and a break above $99 would be the first sign of a low of sorts, with $103 to $104 as the next resistance.
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Insights Today
• Support Defense & Short Covering: Analysts note that SOL's price firmed up after successfully defending critical structural support lines near the lower boundary of its multi-week trading range. Fading momentum from short-sellers near long-term moving averages triggered tactical short-covering and spot-market accumulation.
• Persistent ETF Outflows & Macro Pressure: The upside remains capped due to a cooling institutional appetite for US spot Solana ETFs, which have faced steady net outflows and redemptions. Furthermore, a firm US Dollar and elevated US Treasury yields have tightened global liquidity, leading allocators to scale back exposure to high-beta smart contract platforms, pushing SOL below the psychological $100 threshold.
• Ecosystem Development: Fundamental growth provides structural support. Recent ecosystem milestones include the expansion of regulated stablecoin infrastructure, Akash Network voting to migrate its operations from Cosmos to Solana, and ongoing software optimization via the Agave 4.2 update, which reduced rent costs by 90%.
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