Elliott Wave View: SOL/USD should expect to find support

Solana (SOLUSD – FTX) is a very popular cryptocurrency having 7^th rank by market cap of around $28 B at current price of $90.05. Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance solutions.

SOLUSD started in early 2020. It made initially the low of $0.5050 on 5/11/2020. It traded sideways to higher in 2020 & gain huge momentum in 2021. It go to ATH of $259.99 on 11/06/2021 as I red impulse cycle started from May-2020 low. While below there, it started correcting lower in in proposed double correction.

SOLUSD – Elliott Wave Latest Daily View:

It favored ended ((1)) at $58.39 high on 5/18/2021 as impulse started from May-2020 low. Below there, it corrected in ((2)) at $19.11 low on 5/23/2021 as 0.618 retracement of previous cycle. It gained huge momentum in ((3)) & favored ended at $216 high on 9/9/2021 as third wave extension. It corrected in ((4)) at $115.88 low on 9/21/2021. Finally, it made a new ATH at $259.99 on 11/06/2021 & finished impulse cycle as I red.

While below $259.99 high, it started correcting lower in double correction against the cycle from May-2020 low. It placed ((W)) at $147.94 low on 12/13/2021 & ((X)) at $204.88 high on 12/27/2021. Below ((X)), it proposed ended (A) at $130 and (B) at 157.87 high. Currently, it favors lower in (C) of ((Y)) & expect two more lows to end the cycle between $92.69 – $23.20 area before turning higher. We would like to buy it in extreme areas for next leg higher or at least 3 swing bounce.