Solana (SOL) Market Update – Elliott Wave Perspective
Solana recently completed a Wave 1 impulsive move from the April lows and is now correcting in a Wave 2 pullback. The current price action suggests we are likely near the end of Wave 2, with a potential C-wave finishing soon. Fibonacci retracement support lies between $143.43 and $148.83, and the market is respecting these zones.
Entry Zone: $143.50 – $148.80
Targets (Wave 3 Potential):
Target 1: $154 (Wave 1 high)
Target 2: $165 – $170 (projected Wave 3 extension)
Target 3: $180+ (Wave 5 potential)
Invalidation (Stop Loss): Below $140.50 (break of Wave 4 low)
Confirmation: A breakout above $152 and then $154 would strongly confirm the start of Wave 3.
This is a classic Elliott Wave zigzag correction setup with bullish continuation potential. Monitor for a strong bounce off support and upward breakout signals.
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