Solana (SOL) Technical Update – 7 May 2025
Sideways but preparing for decision soon
Current Price Range: $143–$147
Structure: Sideways consolidation with potential micro breakout
Chart Overview
SOL is currently consolidating sideways in a choppy pattern. Two scenarios are in play: Yellow Count: SOL has completed a wave 4 low on April 30 and could be building for a 5th wave rally towards $167–$170. Blue Count: Wave 4 is still ongoing and could extend lower before any significant rally.
Key Support Levels
Fibonacci Support Zone: $143.26 to $146.48 (This is the critical zone holding up price. As long as this holds, upside remains possible.) Invalidation Level: April 30 swing low at $140.50 (If price closes below this level, bearish extension becomes much more likely.)
Trade Setup (Short-Term Swing)
Entry Zone (Buy): $144–$146 (Inside the Fibonacci support zone, watching for bounce signals) Target 1: $167 Target 2: $170+ (if bullish wave unfolds fully) Stop Loss: Close below $140 (2-day confirmation) (This would favor the bearish scenario and invalidate the bullish structure.)
Summary
SOL is at a technical decision point. As long as it holds the $143–$146 range, a rally towards $167 remains in play. Watch for upside momentum to confirm that an internal 3rd wave is starting. Breakdown below $140 would shift the bias towards more downside as wave 4 extends further.
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