- SOL Chart Analysis: Correction or Continued Rally?
- Monitoring Key Resistance Levels
- Possible Scenarios for Solana
More Crypto Online, a top crypto analyst on X, revealed that Solana’s (SOL) price has reached a pivotal moment as it touches the 1.618 Fibonacci extension level.
SOL Chart Analysis: Correction or Continued Rally?
According to More Crypto Online chart, the SOL price is approaching a potential wave 4 correction within the Elliott Wave structure. Although there has only been a minor pullback so far, many analysts are monitoring the situation for further signs of a more significant correction. Should wave 4 begin at this point, support levels are anticipated between $139.59 and $147.80, as indicated by key Fibonacci retracement levels. If wave 4 holds within this support range, it could pave the way for a larger bullish continuation. Traders are carefully watching these levels to gauge the next move for SOL’s price.
Monitoring Key Resistance Levels
As Solana continues to test its resistance levels, traders are focusing on the 1.618 extension and yellow trend line for signs of rejection or further upward movement. The resistance around $155.94 may either cause a temporary halt in SOL’s momentum or signal the beginning of a deeper correction. For now, the market remains uncertain, and much depends on whether Solana’s price can break through its current levels or if it will retrace to lower support before continuing upward. This makes the current price action a crucial moment for traders to watch closely.
Possible Scenarios for Solana
The analysis also suggests that if wave 4 holds within this support range, it could pave the way for the final wave 5, leading to a price target near $179.72. This would require a significant extension from the current levels, especially if wave 3 had previously extended. An extended wave 3 typically allows for wave 5 to reach higher levels, maintaining the proportions of the overall pattern. Traders are preparing for the possibility of both scenarios, which could be a short-term correction or a continuation of the upward trend.
At present, Solana’s future remains uncertain, and tracking its movement is crucial for all those interested in the cryptocurrency. Scenarios can evolve either towards a correction or further growth.
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