Solana (SOL): The Correction May Have Further to GoSolanaCRYPTO:SOLUSDKap_WavesSolana may be approaching the end of its current corrective rebound, with the larger Elliott Wave structure still pointing toward another significant leg lower. Looking at the daily chart, SOL is currently trading around $75.58 and appears to be developing a corrective Wave 2 following the initial decline from the 2025 highs. While the recent recovery has stabilized price, the structure does not yet provide enough evidence that the larger correction is complete. -- The Current Wave Structure The broader decline from the 2025 peak can be interpreted as part of a larger A-B-C corrective structure. Within Wave C, the decline appears to be developing as an impulsive extended five-wave sequence. The first wave, Wave (1) and (2), has already been completed, followed by the current corrective Wave (2) of Wave 3. This is important because Wave 2 appears to be approaching a key Fibonacci retracement area. The current rebound has reached the 0.618 retracement level. As long as SOL remains below the Wave 2 invalidation area, this rebound can still be interpreted as a corrective retracement rather than the beginning of a new sustained bullish trend. In other words, the market may be giving bulls one final opportunity to push higher before the larger downtrend resumes. -- Why Wave 3 Is the Key If Wave 2 is indeed nearing completion, the next move would be **Wave 3 to the downside**. Wave 3 is typically the strongest and most extended portion of an impulsive decline, which is why the next breakdown could be considerably more aggressive than the price action seen during the current consolidation. The first projected area for Wave 3 is around **$37.90**. This level is particularly important because it sits near the upper portion of the broader projected demand zone. A move toward this area would represent a substantial decline from the current price and would likely confirm that the larger bearish structure is progressing as anticipated. However, $37.90 does not necessarily represent the final bottom. -- The projected path is not simply a straight move lower. The structure would look more like: **Wave 2 → Wave 3 decline → Wave 4 rebound → Wave 5 decline → completion of Wave C** That distinction is important because several countertrend rallies could occur along the way. What Would Invalidate This Count? The bearish scenario is not unconditional. The current interpretation depends on SOL remaining below the levels that would invalidate the proposed Wave 2 structure. A sustained move above the relevant Wave 2 invalidation area would force a reassessment of the count and could indicate that the correction is developing differently. Until that happens, the current rebound can still be treated as corrective. For now, the key question is therefore not simply whether SOL can move higher from here, but whether the current recovery can evolve into a sustained bullish impulse. So far, the structure does not provide that confirmation. -- The Bigger Picture The most important takeaway is that the current SOL price action may still be part of a much larger corrective process. A rejection from the current Wave 2 region would strengthen the case for a continuation toward $37.90, followed by a potential Wave 4 recovery into the $40s, before another decline toward the $18–$20 area. This would complete a much larger five-wave decline within Wave C and potentially bring SOL into the broader zone where the correction could finally mature. Until the structure is invalidated, the chart therefore continues to favor **patience over chasing the current rebound**. The next major signal to watch is whether SOL can break decisively above the current Wave 2 retracement zone, or instead begins another impulsive decline from here.