Solana crossed the daily 200MA after a few attempts over the last couple of weeks. I've mapped the 200MA in black and key levels of resistance in purple. I'm assuming if we see a retest and bounce from the 200MA, a conservative long target would be the underside of the next level of resistance. Please let me know your thoughts.
The elliott wave move proved to be correct. Now I expect a textbook retrace to at least the start of wave iv. Depending on weakness, we could see further downside. Likely some consolidation at this level to bleed out bullish energy. But if we see strenght upwards, theory will be invalidated.
