$SOL Impulsive Wave 1 (Green) Completed, Preparing for Wave 2 (Green) Rebound
The minor impulsive structure appears to have completed its 5-Wave (Purple) cycle right at the Demand Zone ($94.00 - $94.50). This impulsive decline marks the completion of Wave 1 (Green) (or sub-wave A of a larger correction).
Currently, we are anticipating an upward corrective movement structured as Wave 2 Green (A-B-C Purple) before the next directional move is determined.
Potential Scenario Breakdown (A-B-C Purple):
Wave A (Purple): A rebound from the current demand area targeting the first resistance near $98.19 (Fib 0.382).
Wave B (Purple): A minor pullback / higher low around $96.00.
Wave C (Purple): Continuation push toward the ideal Wave 2 / Wave II (Green) target zone within the Fibonacci Retracement levels 0.5 - 0.764 ($99.15 - $101.29).
Key Levels to Watch:
Support / Demand Zone: $93.50 - $94.50 (Wave 5 Purple invalidation area).
Invalidation Level: A clean breakdown below $92.93 (Fib 0.618 lower boundary) invalidates this bounce scenario, opening the door for further downside toward $90.68.
Target Resistance (Wave 2): $99.15 (Fib 0.5), $100.11 (Fib 0.618), and $101.29 (Fib 0.764).
Trading Plan: Look for Price Action confirmation (such as bullish reversal candle patterns) at the current demand level to play the potential relief rally (Wave 2) toward the $99 - $101 zone. Always maintain strict risk management and set stop losses below the support zone.
Disclaimer: This analysis is for technical sharing purposes only and does not constitute financial advice. Trade at your own risk.
The minor impulsive structure appears to have completed its 5-Wave (Purple) cycle right at the Demand Zone ($94.00 - $94.50). This impulsive decline marks the completion of Wave 1 (Green) (or sub-wave A of a larger correction).
Currently, we are anticipating an upward corrective movement structured as Wave 2 Green (A-B-C Purple) before the next directional move is determined.
Potential Scenario Breakdown (A-B-C Purple):
Wave A (Purple): A rebound from the current demand area targeting the first resistance near $98.19 (Fib 0.382).
Wave B (Purple): A minor pullback / higher low around $96.00.
Wave C (Purple): Continuation push toward the ideal Wave 2 / Wave II (Green) target zone within the Fibonacci Retracement levels 0.5 - 0.764 ($99.15 - $101.29).
Key Levels to Watch:
Support / Demand Zone: $93.50 - $94.50 (Wave 5 Purple invalidation area).
Invalidation Level: A clean breakdown below $92.93 (Fib 0.618 lower boundary) invalidates this bounce scenario, opening the door for further downside toward $90.68.
Target Resistance (Wave 2): $99.15 (Fib 0.5), $100.11 (Fib 0.618), and $101.29 (Fib 0.764).
Trading Plan: Look for Price Action confirmation (such as bullish reversal candle patterns) at the current demand level to play the potential relief rally (Wave 2) toward the $99 - $101 zone. Always maintain strict risk management and set stop losses below the support zone.
Disclaimer: This analysis is for technical sharing purposes only and does not constitute financial advice. Trade at your own risk.
