🚨 Solana (SOL) Market Update – Mid-May 2025 🚨
Solana continues to push higher, confirming the bullish Elliott Wave structure from the April 30th low. Recent price action confirms a five-wave impulse, and current structure suggests the rally is not over yet. Here's what to watch:
🔍 Technical Summary:
✅ Wave Structure: A complete five-wave move from the April 30th low confirms bullish market structure. This move may either complete an A wave of an ABC correction (bullish consolidation) or represent a wave 1 of a larger impulse.
📈 Preferred Count: Current high likely marks the end of wave 1. Expecting a wave 2 pullback soon, after which wave 3 upside could begin, pushing SOL to $360+
🔑 Key Support & Resistance Levels:
Key Support (must hold): $172
Loss of this level would indicate a short-term top
Current Micro Support Zone: $159.67 – $168.23
Still valid if $172 breaks, but less ideal for short-term upside
Immediate Resistance: $191.25
Target for completion of the fifth wave; this is the 61.8% Fibonacci extension of waves 1 and 3 — a textbook Elliott Wave target
🎯 Trade Setup:
✅ Entry Zone (on retrace):
Aggressive Buy: $172–$175
Conservative Buy: $160–$168 (if deeper pullback occurs)
🎯 Targets:
Target 1: $191
Target 2: $215
Target 3 (wave 3 extension): $360+
❌ Stop-Loss:
Below $159 (invalidates current wave count & bullish bias)
🧠 Strategy Insights:
The rally is not yet overextended — internal structure remains healthy
If wave 2 forms a higher low, momentum into wave 3 could be explosive
Monitor volume and reaction around $172 closely
Consolidation above $172 = strong continuation signal
📢 Conclusion: Solana’s price action confirms bullish Elliott Wave structure. While a short-term pullback is likely, the broader trend remains intact. Holding above $172 keeps the bullish scenario alive and targets $360+ in the medium term.
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