SOL/USDT Market Analysis – Correction in Play
Solana is currently navigating a corrective phase following a five-wave rally from the April low. Price action has been volatile within a visible volume range between $183 and $166, with strong resistance at the top and visible support near $166.
If $166 fails to hold, price could decline quickly into the next high-volume support area between $153 – $144, aligning closely with the $143.50 Fibonacci retracement level. A break below $144 could expose deeper support near $109.78, the bottom of a broader Fibonacci support box.
The current wave structure suggests an ABC correction, with an A-wave likely in progress. A possible B-wave bounce may follow, then a C-wave drop toward the lower end of the range.
Key Levels:
Entry Zone for Shorts: $173.50 – $182.70 (resistance zone)
Targets (Downside): $166 – $153 – $144 – $143.50 – $109.78
Stop Loss (for Shorts): Above $183
For long setups, lower entries within the $144 – $110 range could offer more favorable risk/reward once the correction completes.
Conclusion:
SOL appears to be near the top of a corrective range. Traders should monitor $166—a confirmed breakdown could accelerate the downtrend, opening lower support levels as potential buy zones.
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