$SOL Technical Update: Elliott Wave Structure & Projections 🚀
We are currently observing Solana ($SOL ) navigating through Wave (4) in Purple.
📊 Key Wave Count Highlights: • Complex Correction in Progress: Wave (4) is forming a WXY structure (or potentially a more complex corrective pattern ). • Principle of Alternation: Since Wave (2) played out as a simple correction, Elliott Wave theory dictates that Wave (4) is likely to take more time and develop into a more complex structure before completing.
📉 Corrective Target & Support Zone: • Price is completing Wave (X) and expected to slide toward the final Wave (Y) / (4) demand zone. • Primary Support Area: Fibo 0.382 ($107.41) – Fibo 0.5 ($105.27). • ❌ Wave 4 Invalidation: A clean break/close below $105.29 invalidates this primary wave setup.
🎯 Bullish Target for Wave (5): Once Wave (4)/(Y) finds solid support and confirms completion, we anticipate an aggressive impulsive rally towards Wave (5) Purple with the following Fibonacci extension targets:
📍 Target 1: $114.20 - $116.30 (Fib 1.236)
📍 Target 2: $117.86 (Fib 1.414)
📍 Target 3: $119.64 - $120.00 (Fib 1.618)
Stay disciplined with risk management and wait for confirmation before entering positions! 🛑
#SOL #Solana #CryptoAnalysis #ElliottWave #TradingSignals #BinanceSquare #TechnicalAnalysis
We are currently observing Solana ($SOL ) navigating through Wave (4) in Purple.
📊 Key Wave Count Highlights: • Complex Correction in Progress: Wave (4) is forming a WXY structure (or potentially a more complex corrective pattern ). • Principle of Alternation: Since Wave (2) played out as a simple correction, Elliott Wave theory dictates that Wave (4) is likely to take more time and develop into a more complex structure before completing.
📉 Corrective Target & Support Zone: • Price is completing Wave (X) and expected to slide toward the final Wave (Y) / (4) demand zone. • Primary Support Area: Fibo 0.382 ($107.41) – Fibo 0.5 ($105.27). • ❌ Wave 4 Invalidation: A clean break/close below $105.29 invalidates this primary wave setup.
🎯 Bullish Target for Wave (5): Once Wave (4)/(Y) finds solid support and confirms completion, we anticipate an aggressive impulsive rally towards Wave (5) Purple with the following Fibonacci extension targets:
📍 Target 1: $114.20 - $116.30 (Fib 1.236)
📍 Target 2: $117.86 (Fib 1.414)
📍 Target 3: $119.64 - $120.00 (Fib 1.618)
Stay disciplined with risk management and wait for confirmation before entering positions! 🛑
#SOL #Solana #CryptoAnalysis #ElliottWave #TradingSignals #BinanceSquare #TechnicalAnalysis
