Solana (SOL) Elliott Wave Market Analysis – 4 May 2025
Solana is maintaining its bullish structure, with the wave 4 low at $95.50 (7 April) still holding as a potential bottom. We are now tracking the early stages of a possible wave 5, but confirmation is still pending. Here's the breakdown:
Key Points:
Wave Count (Macro):
Wave 1 and 2 confirmed
Wave 3 possibly peaked on 25 April
Current move could be Wave 4 (yellow scenario) or Wave 5 starting
Wave 5 Confirmation Requires:
1. Completion of 5 internal waves
2. Higher low in the next corrective pullback
3. Break above the previous wave 3 high (~$152)
Micro Support Levels:
$144.28 – minor support
$143.00 – critical support
Invalidation below Wednesday low (early this week) cancels current bullish count
Trade Setup:
Scenario 1: Bullish Continuation (Wave 5 unfolding)
Entry (Long): $144.50–$145.50 support zone
Target 1: $152 (Breakout level)
Target 2: $167–$170 (Fibonacci projection for Wave 5)
Stop Loss: Below $143.00
Scenario 2: Pullback or Bearish Rejection (Wave 4 still unfolding)
If SOL breaks below $143 and the Wednesday low, expect further correction before another upside setup
Watch for new bullish structure and re-enter on a fresh 1–2 wave formation
Conclusion:
The bulls must defend the $143–$145 support zone to maintain the current uptrend. A decisive move above $152 will provide the first confirmation of the next bullish wave. Risk management is key—don't chase the top, accumulate at key retracement zones.
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