🔎 Solana (SOL) Market Analysis — May Update
Current Status:
SOL is consolidating around the 38.2% Fibonacci retracement.
Price Change: Minor (-0.1%), showing sideways action.
Recent rally from ~$98 to ~$158 (+60%) looks mostly completed.
Short-term trend: Slight downside pressure is increasing.
Key Resistance:
$167.50 — Potential last leg up if bulls make another push.
$228 — Longer-term bullish target if wave count confirms.
Support Zones to Watch:
Immediate minor support: $143 intraday low.
Strong invalidation point: $140.60 (break below invalidates bullish setup).
Major support zone: $129.80 – $106 — Key buy zone if pullback unfolds.
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🔔 Trade Plan
Entry (Conservative):
Buy zone: $129.80 – $106 (ideal for catching a larger wave rally).
Aggressive early entry: Above $149 (once price breaks local downtrend).
Targets:
Target 1: $167.50 (short-term rally point).
Target 2: $228 (bullish extension if higher wave structure forms).
Stop Loss:
$140.60 (invalidation of current reversal structure).
If entering in the deep support zone, stop below $106.
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Summary:
SOL is at a critical juncture. Bulls have one last chance to reclaim momentum.
A drop below $143 suggests deeper pullback toward $129.80 – $106 support zone.
As long as key supports hold, higher targets remain possible.
Plan your entries around pullbacks and avoid chasing at resistance.
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