Solana eyes a critical signal line at $85.50. Holding above it could trigger the next Elliott Wave leg higher as SOL tracks Bitcoin’s recovery.
The chart was already telling a story before the week fully started. Solana has been trying to mirror Bitcoin’s recovery attempt, and so far the structure has held, mostly.
According to @moretradingonl on X, the previously outlined Elliott Wave count remains intact. Price needs to stay above the signal line at $85.50 to keep upside momentum alive. That is the number. Everything else is secondary.
$85.50 Is the Floor Nobody Wants to Talk About
The 1-hour chart from More Crypto Online shows SOL working through what appears to be a Wave 3 development, with labeled Fibonacci retracement levels stacked between $82.38 and $84.14. The current price structure places SOL inside a contested zone.
Wave targets labeled on the chart point toward $96,000 and $98,000 resistance. Those numbers sit well above current price. Getting there requires holding, not just touching, the $85.50 signal line on a closing basis.
More Crypto Online noted on X that Solana “is trying to follow Bitcoin higher.” The phrase is careful. Not leading. Not independently running. Following. That distinction matters for reading momentum.
A similar test played out just weeks ago when SOL briefly touched $84 before stalling against the 50-day moving average. That level capped the recovery. One clean daily close above it changed the short-term direction entirely, at least until the next test came.
What the Wave Count Actually Shows
The Fibonacci grid on the chart marks 38.2% at $84.14, with the 50% level sitting just below at $83.62. These are the areas where partial bounces typically exhaust themselves before continuing higher or reversing.
Wave (2) on the structure is labeled around the $84 to $82 zone. Wave (3) is pointed at roughly $92.
Micro support on the chart is marked around $79 to $80. That is the area labeled Wave (C) and a 138% extension zone. A break below $85.50, sustained on closing prices, opens that path.
The stablecoin activity running through the Solana network has been substantial by any measure. February 2026 saw $650 billion in stablecoin transactions processed through the chain. Fundamentals like that do not automatically translate to price, but they do tell you the network has real usage underneath the chart patterns.
The 50% Fibonacci level on the broader structure sits at $81.94. Below that, the 61.8% extension lands at $80.67, and the 78.6% level is marked near $78.89. Each of these represents a deeper retracement scenario if $85.50 gives way without a strong recovery.
Per the chart shared by @moretradingonl on X, Wave 5 upside is projected toward the $95,000 to $96,000 area. A longer upper target sits near $98,000. The wave count positions that as achievable, provided the current structure does not invalidate below the signal line.
Right now SOL is sitting at roughly $86.63, per the chart timestamp. Slightly above the critical level. Not comfortably above it.
Disclaimer: This article is based on technical analysis and sourced commentary. It does not constitute financial or investment advice.
