In this video: Solana is in the next leg down, as expected. Here is where the ideal target lies, and what it would take to signal a low. We analyse Solana on 2 November 2026 using Elliott Wave. After the channel breakdown in October, the retest and the break below the September low, the C wave down from the 21 October high continues. Video By More Crypto Online.
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The first ideal target is the blue zone at the 100% extension at $87.77, inside the larger support box between $70.16 and $94.43. On the smaller timeframe, Solana broke out of a small wave 4 triangle to the downside, and it may still only be in wave 5 of 3, so a wave 4 bounce into $94.31 to $97.43 and another low toward $80 to $83 are possible. A break above the green line at around $98.77 would be the minimum signal of a low, and a break above $103.82 could mean a low is in
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Insights Today
Bearish Headwinds & Volatility
• Record Institutional ETF Outflows: Sentiment is highly constrained after U.S. spot Solana ETFs recorded nearly $100 million in monthly outflows, including $19.16 million sold by Grayscale alone.
• Massive Whale Inflows to Exchanges: On-chain tracking data revealed a massive transfer of 1.49 million SOL (worth roughly $148.7 million) into major centralized exchanges like Binance and Coinbase, compounding overhead supply pressures.
• Macro Jitters: Crypto markets are experiencing cautious recalibration ahead of major U.S. macro milestones, including today's midterm elections and upcoming policy signals from the Federal Reserve.
Bullish Catalysts & Technical Insights
• Alpenglow Mainnet Upgrade: Fundamental long-term network growth remains incredibly robust. Developers rolled out the Alpenglow protocol upgrade testnet, successfully reducing slot times to 200ms and aiming for a lightning-fast 150ms transaction finality.
• Short Covering Relief: Today's slight stabilization is primarily driven by derivatives market short covering. Leveraged short positions faced margin compression near the lower $90s, forcing intraday buy-backs.
• Direct Staking Partnership: Jupiter and BitGo officially launched a new institutional validator, allowing direct SOL staking to bolster long-term network security
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