Solana (SOL) Chart Analysis – May 8, 2025
Solana has shown a solid reaction to key Fibonacci and micro-support levels, maintaining its bullish structure for now. Price continues to respect the $143–$149.69 demand zone, preserving the potential for a final fifth wave in a bullish Elliott Wave pattern.
Key Technical Levels:
Immediate Support (Micro): $149.69 (Must hold for bullish continuation)
Stronger Support: $144.60 (Break below confirms a deeper correction)
Resistance (Short-Term): $155 (100% extension & swing high zone)
Breakout Level: $156.80 (April 25 high – clear bullish confirmation)
Target Zone (Wave 5): $164 – $170 (based on 138%–161.8% Fib extension)
Trade Setup:
Entry Options:
1. Aggressive Entry (Buy on Dip): $149.69 – $150.50
Stop Loss: $144.50
Target 1: $155
Target 2: $164
Final Target: $170
2. Conservative Entry (Breakout Confirmation): Above $157
Stop Loss: $149.69
Target 1: $164
Target 2: $170
Bias: Bullish, as long as price stays above $149.69
Invalidation: Break and close below $144.60 would invalidate the bullish wave 5 scenario and may signal a wave 4 extension or shift to bearish structure.
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