SOL Elliott Wave Update: Primary & Alternate Scenarios ๐
Solana (SOL) is currently consolidating after holding the key support zone around $102. Based on current wave structures, here is the breakdown of our primary and secondary possibilities:
๐ด PRIMARY SCENARIO: Corrective Bounce (Possibility 2)
The drop towards $102 confirmed the completion of Wave X.
SOL is currently pushing higher in Wave Y / Wave a.
Short-Term Target: $108.08 โ $110.61.
Major Resistance Zone: $110.07 โ $113.45 (Wave b area, watch for potential rejection).
Invalidation Level: A break below $100.40 invalidates this structure.
๐ข ALTERNATE SCENARIO: Bullish Extension (Possibility 1)
If price breaches $110.85 with strong momentum and volume, SOL could transition into a full bullish impulse wave targeting $111.93 โ $116+.
๐ก Key Takeaway: The current move towards $108โ$110 is expected to be a corrective relief bounce. Watch price action closely around $110.00 to see if buyers can sustain a breakout or if sellers step back in.
#SOL #Solana #CryptoAnalysis #ElliottWave #TradingView
Solana (SOL) is currently consolidating after holding the key support zone around $102. Based on current wave structures, here is the breakdown of our primary and secondary possibilities:
๐ด PRIMARY SCENARIO: Corrective Bounce (Possibility 2)
The drop towards $102 confirmed the completion of Wave X.
SOL is currently pushing higher in Wave Y / Wave a.
Short-Term Target: $108.08 โ $110.61.
Major Resistance Zone: $110.07 โ $113.45 (Wave b area, watch for potential rejection).
Invalidation Level: A break below $100.40 invalidates this structure.
๐ข ALTERNATE SCENARIO: Bullish Extension (Possibility 1)
If price breaches $110.85 with strong momentum and volume, SOL could transition into a full bullish impulse wave targeting $111.93 โ $116+.
๐ก Key Takeaway: The current move towards $108โ$110 is expected to be a corrective relief bounce. Watch price action closely around $110.00 to see if buyers can sustain a breakout or if sellers step back in.
#SOL #Solana #CryptoAnalysis #ElliottWave #TradingView