🧵: Is SOL disappointing the bulls this week?
📉 Current price: $164.10
📊 Weekly change: -3.19%
🔁 Pair: SOLUSDT (perpetual)
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🔹 Technical structure according to Elliott Waves
- Solana is in the final stage of a complex corrective structure.
- Wave B ended at Fibonacci level 0.618 (~$157).
- Wave C has begun to push upwards, with potential targets between $236 and $254 according to Fibonacci extensions.
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🔹 Market and derivative indicators
- Funding rates on SOL perpetual contracts are slightly negative or neutral, indicating a lack of crowded long positions.
- The funding on Binance at 6.07% confirms this bias.
- Open interest has been neutral since the drop to $157, reflecting a balance in market positions.
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🔹 Liquidity map
- There is not much liquidity above $230, reducing the likelihood of escalation through liquidations.
- Notable liquidity is concentrated below the current price, making the upward movement technically driven rather than liquidity supported.
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🔹 Trading scenarios
| Scenario | Description | Potential Target |
|----------|--------|----------------|
| ✅ Continuation of wave C | Rise towards $236–$254 | $236–$254 |
| ⚠️ Break of support | Invalidates the technical count | Below $157 |
| 🔄 Consolidation | Sideways movement | 157–166 |
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🔹 Trading idea
- As long as the price is above $157–$166 and maintains the impulsive structure, the outlook remains bullish in the short term.
- Any break below $157 invalidates the scenario and indicates a return of wave C downwards.
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📌 The next movement for SOL depends on interaction with the current support area, amidst the absence of clear upward attracting liquidity.
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