In this video: Solana is still in its correction and there is no sign of a low yet. Here is where the decline could end and the signal that would confirm a bottom. We analyse Solana on 4 November 2026 using Elliott Wave. Since the break of the lower channel boundary in October, the decline is labelled as an ABC correction of the entire advance from the June low. The correction is only 3 waves so far and does not look complete, and the downside is getting choppy and less aggressive than the moves up. Video By More Crypto Online.
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The C wave should reach the blue zone between $76.76 and $87.77, possibly the middle of the main support zone between $79.38 and $86.58. A first sign of a low would be a small 5-wave move up from the target zone, ideally with a break above the last swing high at $103.82 and a higher low in the pullback. On the smaller timeframe, Solana is still below the first resistance between $93.72 and $97.04, and a break above $97.04 would be the first indication of a low. Bullish divergences show that the bears are starting to get weaker.
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Insights Today
Bearish Headwinds & Volatility
• Political Risk-Off Behavior: Mirroring the broader crypto ecosystem, SOL has seen accelerated downward pressure amid early U.S. midterm results. The market remains defensive against tighter regulatory oversight.
• Supply Inflation Pressures: Adding headwinds to the spot price, Solana is bracing for a substantial wave of ecosystem token unlocks throughout November. This includes incoming linear vesting schedules for major network protocols such as Jito ($JTO) and DoubleZero ($2Z).
On-Chain Activity & Hacker Laundering
• The Binance Exploiter Moves Funds: Blockchain analytics reveal that the North Korea-linked hacker group behind the massive Binance heist has begun actively laundering their stolen assets. The hackers have already transferred roughly 81% of their stolen Solana (splitting up parts of the 970,522 SOL haul) across various wallets, converting them into USDC and routing them out via Ethereum and THORChain.
• Jupiter Security Vigilance: Separate reports note that suspected state-sponsored actors have funneled around $1.46 million through Jupiter's lending protocols, adding further compliance and risk anxieties to major Solana decentralized applications (dApps).
• Regulated Adoption Backstop: On a bullish note, institutional infrastructure continues to grow. Financial firm Bullish expanded its regulated tokenized equity offerings to multiple layer-1 chains, reaffirming Solana's core institutional utility.
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