The advent of the COVID-19 pandemic forces us to investigate new emotional phenomena, as well as the validity of psychological variables associated with well-being and mental health. In this cross-sectional study with a correlative-predictive scope, there were 265 participants, adults residing in the Republic of Paraguay. The objectives of this research were to determine the predictive power and dominance of the social support and purpose variables for depression, anxiety, and fear of COVID-19. Both social support and purpose presented a significant negative prediction level for depression. In contrast, only social support presented a negative prediction for anxiety and fear of COVID-19, while purpose even presented a positive relationship with respect to the variable. When evaluating the relationship between the variables of social support and purpose, the perception of meaning presented dominance and negative predictive power for depression, while a positive link between destiny-freedom, depression, anxiety, and fear of COVID-19 was obtained. The probable causes of the results are explained; new research is suggested, and it is concluded on the need to review salutogenic psychological concepts in light of the new pandemic context.