More Crypto Online, a technical analysis channel on YouTube, is monitoring a narrow Solana price range that could determine whether the token stages one more short-term rally or enters a sharper leg of its broader bear-market decline.

Solana, a high-throughput Layer 1 blockchain often positioned as a faster, lower-cost alternative to Ethereum for decentralized applications, has seen its native token trade in increasingly compressed ranges as broader crypto markets weigh directional conviction.

The central level to watch is $71.90. According to the channel's Elliott Wave analysis — a framework that attempts to identify repeating wave patterns in price movement — a decisive break below that threshold would strengthen the case that SOL is completing another five-wave move to the downside.

Solana has remained below a trend-line resistance near $75 after being rejected at approximately the 61.8% Fibonacci retracement level of $74.71, a ratio commonly watched by traders as a potential inflection point between bullish and bearish scenarios. That rejection is significant because the analyst views the current price structure as potentially unfinished, leaving room for a final decline before a larger corrective rebound can materialize.

Another Low May Precede Any Bounce

The analyst indicated that SOL could retest $72 and potentially fall toward the $68–$69 zone if the current move represents the fifth wave of a C-wave decline. That area sits above a broader support band ranging from $64.30 to $70.81, which has been identified as significant for the short- to medium-term outlook.

"Another low seems likely," the analyst stated, while emphasizing that the market remains quiet and has not yet produced evidence of a more durable bottom.

A break below $64.30 would carry greater consequences. It could accelerate selling pressure and suggest that Solana has entered a new bearish phase, potentially representing a third wave lower.

An alternative scenario also exists. If SOL climbs above its recent swing high around $74–$75, the analyst said it could signal that the next upward move has already begun. Under those circumstances, the token could attempt to revisit the $82–$94 resistance region, where it peaked during July.

$82–$94 Resistance Acts as the Ceiling

Even a rally into that upper range would not necessarily confirm a new sustained uptrend. The analyst characterized the potential advance as a corrective C wave — a counter-trend bounce rather than a verified trend reversal — and noted that Solana's recovery from its June low had initially unfolded in only three waves.

The relatively muted pullback from the July high is one reason the analyst has not dismissed the possibility of another rally attempt. A more decisively bearish Elliott Wave count would typically be expected to produce a forceful third-wave selloff, whereas SOL's decline has so far lacked that level of momentum.

For traders watching Solana's near-term path, the interplay between the $71.90 support and the $74–$75 resistance zone offers a concrete framework: a sustained hold above support preserves the bounce scenario, while a confirmed break opens the door to the lower targets outlined in the analysis.