🚀 $SOL Elliott Wave Analysis: Is a Wave 3 Bearish Breakout Imminent? 📉
Solana (SOL) is currently consolidating at a critical juncture following the completion of a corrective Wave 2 peak. Here is a detailed technical breakdown based on the 1H Elliott Wave structure and key Fibonacci levels.
Technical Overview & Wave Breakdown:
Current Market Structure: Price is testing the local Fibonacci retracement zone between $76.24 and $76.90, forming a sub-wave (2) correction within the broader bearish setup.
Key Breakout Trigger: A decisive hourly close below the major support level at $74.446 will officially confirm the onset of Impulsive Wave 3 to the downside.
Downside Targets (Take Profit Zones):
TP 1 (Sub-wave 3): $73.38 – $72.65 (Fib 1.618 - 2.0 extensions)
TP 2 (Major Wave 3 & 5 Target): $71.82 – $70.64 (Fib 1.618 - 2.0 major extension)
Invalidation Level (Stop Loss): A sustained 1H candle close above $76.90 – $77.13 (0.854 Fib / Wave 2 high) invalidates this bearish scenario.
Trader's Note: Local consolidation zones often trigger liquidity sweeps and false breakouts (whipsaws) before the true directional move begins. Avoid FOMO entries and ensure tight risk management around key levels.
What are your thoughts on $SOL? Will support hold, or are we heading straight to $70? Drop your predictions below! 👇
#solana #sol #CryptoTradingTips #TechnicalAnalysis
Solana (SOL) is currently consolidating at a critical juncture following the completion of a corrective Wave 2 peak. Here is a detailed technical breakdown based on the 1H Elliott Wave structure and key Fibonacci levels.
Technical Overview & Wave Breakdown:
Current Market Structure: Price is testing the local Fibonacci retracement zone between $76.24 and $76.90, forming a sub-wave (2) correction within the broader bearish setup.
Key Breakout Trigger: A decisive hourly close below the major support level at $74.446 will officially confirm the onset of Impulsive Wave 3 to the downside.
Downside Targets (Take Profit Zones):
TP 1 (Sub-wave 3): $73.38 – $72.65 (Fib 1.618 - 2.0 extensions)
TP 2 (Major Wave 3 & 5 Target): $71.82 – $70.64 (Fib 1.618 - 2.0 major extension)
Invalidation Level (Stop Loss): A sustained 1H candle close above $76.90 – $77.13 (0.854 Fib / Wave 2 high) invalidates this bearish scenario.
Trader's Note: Local consolidation zones often trigger liquidity sweeps and false breakouts (whipsaws) before the true directional move begins. Avoid FOMO entries and ensure tight risk management around key levels.
What are your thoughts on $SOL? Will support hold, or are we heading straight to $70? Drop your predictions below! 👇
#solana #sol #CryptoTradingTips #TechnicalAnalysis