The current price of Solana (SOL) is in a corrective phase, where the support level at $139 becomes critically important for determining both the future direction and the potential resumption of upward movement.
Correction Phase and Support
Solana continues to trade within a corrective phase, residing in wave (4) of the Elliott Wave pattern. The $139 level serves as a key support that could determine the next directional move. A sustained hold above this level keeps the bullish scenario intact and opens the possibility for continuation into wave (5).
Wave (5) Targets and Short-term Outlook
If support at $139 is maintained, Solana may begin wave (5) expected to achieve higher price targets delineated by Fibonacci levels. Planned resistance levels are at $155.50 (100%) and $165.40 (161.8%). These levels provide indications of likely resistance areas during the anticipated movement.
Solana's Price Movement Overview
Recent price movements indicate that Solana traded at nearly $146.23 but fell to $144.42. It hovered above $147, but subsequently dropped below the $145 mark. The increased trading volume has not demonstrated sustained momentum, suggesting the current activity might be temporary. Presently, the price stands around $143.50, with the defense of this level likely determining whether Solana will increase or continue its retracement.
Thus, the preservation of the $139 level is critical for the continuation of Solana's upward dynamics. Otherwise, a drop to lower support levels may be anticipated.
