Solana (SOL) Market Update – Correction in Progress

Solana is currently undergoing a wave 4 corrective pullback on the daily time frame after a recent breakout above a key trendline. Price has reached a standard resistance area, rejecting at approximately $148, aligning with the first major Fibonacci level from the April low.

Current Structure (Elliott Wave Perspective):

Wave A (or 1) is near completion – expecting one more push up possible.

Wave B/2 correction is forming, with Wave C currently developing on the smaller time frame.

SOL is moving within the standard target zone for Wave C:

Support Range: $141.86 to $135.22

These levels are based on the 100%-161.8% extension of Wave A.

Trade Setup:

Entry Zone: Between $138 and $135 (based on the C wave completion zone).

Stop Loss: Below $132 (to protect from extended correction invalidation).

Short-Term Targets:

Target 1: $145 (near previous high).

Target 2: $152 (potential breakout area if wave 5 initiates).

Target 3: $160+ (in case of full 5-wave extension continuation).

Invalidation Level:

A break above $148 before reaching the support zone may invalidate this corrective setup and signal resumption of the uptrend early.

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Strategy Note: This is a corrective setup, and market structure still favors bullish continuation after the correction completes. Use proper risk management, and monitor lower time frames for bullish divergence or reversal candles in the support zone.

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