Solana is currently in a corrective phase following a significant decline from its recent highs. The chart reflects a complex Elliott Wave structure, with an ongoing ABC correction. The primary expectation is for further downside, with the final Wave C targeting the $75–$85 demand zone (highlighted in purple).
Primary Scenario (Bearish Outlook)
Wave A has completed, followed by a corrective Wave B, which saw a temporary rally.
Wave C is unfolding, with sub-waves indicating a further decline.
The structure suggests Wave v of C is yet to complete, with potential targets in the $75–$85 range.
A corrective bounce within Wave iv is expected before the final drop.
Alternative Scenario (Bullish Reversal)
If Wave C fails to break below $125, this could indicate a truncation.
A strong impulse breaking above $165–$175 could invalidate further downside and shift momentum towards a bullish recovery.
In this case, Solana could begin a new impulsive structure targeting $200+ in the coming weeks.
Key Levels to Watch:
Support: $125 (current low), $85–$75 (major demand zone)
Resistance: $165–$175 (invalidates bearish outlook)
Overall, the bias remains bearish unless we see strong momentum above $165. Until then, lower targets remain in focus.
Primary Scenario (Bearish Outlook)
Wave A has completed, followed by a corrective Wave B, which saw a temporary rally.
Wave C is unfolding, with sub-waves indicating a further decline.
The structure suggests Wave v of C is yet to complete, with potential targets in the $75–$85 range.
A corrective bounce within Wave iv is expected before the final drop.
Alternative Scenario (Bullish Reversal)
If Wave C fails to break below $125, this could indicate a truncation.
A strong impulse breaking above $165–$175 could invalidate further downside and shift momentum towards a bullish recovery.
In this case, Solana could begin a new impulsive structure targeting $200+ in the coming weeks.
Key Levels to Watch:
Support: $125 (current low), $85–$75 (major demand zone)
Resistance: $165–$175 (invalidates bearish outlook)
Overall, the bias remains bearish unless we see strong momentum above $165. Until then, lower targets remain in focus.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.