Solana Elliott Wave technical analysis [Video]

Elliott Wave Analysis – TradingLounge Daily Chart.

Solana/US Dollar (SOLUSD).

SOLUSD Elliott Wave technical analysis

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave A.

• Direction next higher degrees: Wave B or 2.

• Wave cancel invalid level: –

• Details: SOL/USD has pulled back from its peak of $295.31 and is currently moving towards the major support zone at $125.97.

Solana/US Dollar (SOLUSD) trading strategy.

Solana (SOL/USD) was one of the top-performing digital assets, reaching a high of $295.31. However, the price has undergone a significant correction, leading Elliott Wave traders to assess whether this is a temporary consolidation or the start of a long-term downtrend.

Currently, SOL/USD is approaching the critical support level at $125.97. The price may continue declining towards the next major support at $117.99 (Fibonacci 61.8%). If SOL/USD fails to sustain above this level, it could move further downward within Wave B or 2.

Trading Strategies.

Strategy.

Long Strategy.

Buy on pullback to key support levels.

• If SOL/USD enters the $125 – $117 range and buying pressure emerges, this could be a potential buying opportunity for a short-term trade.

• Profit target: $160 – $180 (Wave B).

Risk Management.

• If SOL/USD breaks below $117, the downtrend may strengthen, requiring traders to look for deeper support between $80 – $90.

Elliott Wave Analysis – TradingLounge H4 Chart.

Solana/US Dollar (SOLUSD).

SOLUSD Elliott Wave technical analysis

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave A.

• Direction next higher degrees: Wave B or 2.

• Wave cancel invalid level: –

• Details: SOL/USD has pulled back from its peak of $295.31 and is currently moving towards the major support zone at $125.97.

Solana/US Dollar (SOLUSD) trading strategy.

Solana (SOL/USD) was among the most sought-after digital assets, reaching a high of $295.31. However, following the recent correction, traders are questioning whether this is temporary consolidation or a longer-term decline.

Currently, SOL/USD is testing the $125.97 major support level. The price may continue to drop towards $117.99 (Fibonacci 61.8%). If the price fails to hold above this level, Wave B or 2 could push it further down.

Trading Strategies.

Strategy.

Long Strategy.

Buy on pullback to key support levels.

• If SOL/USD enters the $125 – $117 range and shows signs of buying strength, it could be a short-term buying opportunity.

• Profit target: $160 – $180 (Wave B).

Risk Management.

• If SOL/USD breaks below $117, the downtrend may extend, requiring traders to watch for support between $80 – $90.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

SOLUSD Elliott Wave technical analysis [Video]