SOL price touched a key blue target zone on the 4H chart. Traders now watch for a micro 5-wave impulse before calling Wave 2 complete. Solana has been quietly bleeding. Not in dramatic fashion — more like the slow kind traders hate, where every small bounce gets sold before it breathes. The SOL/USD pair sat around $82–$84 on April 30, still grinding in the lower end of a corrective structure that’s been in play since the prior impulsive rally topped out. The Blue Zone Nobody Was Watching Until Now According to @moretradingonl on X, the price has now reached the blue target zone on the 4H chart. The analyst noted the setup plainly: SOL needs a micro 5-wave move upward and a break above the green signal line to confirm that Wave 2 has put in a low. $SOL: The price has reached the blue target zone now. We need to see a micro 5-wave move up and break above the green signal line for an indication that a low in wave (2) has formed. pic.twitter.com/aUjAGne7Tx — MCO Global (@moretradingonl) April 29, 2026 Read More:  @moretradingonl on X That’s the whole condition. Two things. Neither has happened yet. The blue zone likely marks a Fibonacci confluence area — the kind where Wave 2 corrections tend to find floor, often between the 50% and 78.6% retracement of the preceding Wave 1 move. Wave 2s are patient. They take what they need. What @moretradingonl is describing is a textbook Elliott Wave decision point. Price reaches deep support, stalls. Then either the structure repairs itself with a clean five-wave push — or it doesn’t, and the count extends. What Actually Needs to Happen The green signal line mentioned in the post likely represents a descending resistance connecting recent corrective highs on the 4H. Breaking above it would signal that sellers are losing grip. Previous Elliott Wave analysis of SOL has flagged similar inflection setups, where Fibonacci zones and wave structure aligned to mark potential bottoms. The pattern isn’t new. The confirmation requirements always are. Without the five-wave micro impulse on a lower timeframe — the 15-minute or 1H — the bounce doesn’t count. A two- or three-wave recovery that stalls below the green line tells a different story. It suggests the correction isn’t done. One Level That Changes Everything The $79–$82 zone is the primary cluster to watch. That’s where the blue zone sits, and that’s the line between the current count holding and something messier taking shape. A breakdown below $79 on volume would complicate the immediate bottoming thesis. The 0.618–0.786 retracement of Wave 1 sits deeper, possibly in the low-to-mid $70s depending on where Wave 1 originated — exact level unspecified in the post. The kind of detail that matters when everything else breaks. If the setup plays out as @moretradingonl suggests, Wave 3 becomes the next conversation. Wave 3s in Elliott theory are typically the strongest move of the sequence. Targets in the $100–$150+ range have circulated in broader SOL counts, though nothing was specified in the April 29 post. For now, SOL is sitting in a zone. Waiting on a five-wave move most traders haven’t seen yet. Disclaimer: This article is based purely on technical analysis shared by the cited source. It does not constitute financial or investment advice.   The post Solana Correction Nears End? SOL Hits Blue Zone, Traders Hunt Wave 3 appeared first on Live Bitcoin News.

Read full article on LIVE BITCOIN NEWS