The post Solana Technical Review Shows Potential Decline Toward $79–$72 appeared on BitcoinEthereumNews.com.

TLDR: SOL rejected $87–$91 Fibonacci resistance, signaling possible Elliott Wave 3 downward movement. Maintaining a price below $86.90 keeps the bearish structure intact for near-term SOL declines. Downside targets for SOL include $79, $76, and major support between $74–$72. Institutions hold $540M in SOL ETFs despite weak short-term momentum and no new inflows. Solana price analysis indicates SOL may be entering a strong bearish phase as it rejected key Fibonacci resistance. Wave three appears to be forming, and critical levels along with potential downside targets are now the focus for traders. Solana Faces Bearish Technical Pressure Recent Solana price analysis shows the market completed a corrective wave two, which tested the Fibonacci cluster between $87 and $91 before reversing. This behavior aligns with an Elliott Wave 1–2 pattern, signaling a potential impulsive decline.  Traders remain focused on the $86.90 level, the upper boundary for wave two, as maintaining price below it confirms the bearish count. The resistance zone contains multiple Fibonacci retracements—38.2%, 50%, 61.8%, and 78.6%—which acted as strong supply. SOL failed to reclaim mid-range retracement levels, indicating weakened bullish momentum.  $SOLAs anticipated in yesterday’s update, the market completed the 1–2 setup to the downside overnight, with wave 3 now potentially unfolding. Price should remain below $86.90, the wave 2 high, to keep downside momentum intact.#Solana https://t.co/ccFrUhx68a pic.twitter.com/ewpZOxUA9M — More Crypto Online (@Morecryptoonl) March 11, 2026 This failure strengthens the case for a more aggressive downside movement consistent with wave three. Projected targets for wave three align with Fibonacci extensions.  The first is near $79, followed by $76, and finally the broader support zone between $74 and $72. This lower band reflects prior accumulation areas where buyers historically entered the market, offering potential stabilization points. Wave three is typically the fastest and most dynamic segment of an Elliott sequence. If…

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Filed under: News - @ March 12, 2026 6:13 am