š Solana ($SOL ) Market Update ā Wave 4 in Play š
SOL is moving towards its Wave 4 support zone after a strong Wave 3 rally from the August 2nd low. The third wave hit the 161.8% Fibonacci extension, a textbook healthy target for an impulsive move.
š Key Levels:
Wave 4 Support: Above $170 (critical to maintain bullish structure)
B-Wave Resistance: $181.81 ā $185.17 (possible rejection zone if reached)
Wave 5 Target Zone: $192 ā $196
Includes 200% ā 238.2% Fibonacci extensions
Aligns with structural resistance from July 28 swing high ($191 ā $196)
š Structure & Elliott Wave View:
August 2nd low ā 3 waves up so far.
Holding $170+ keeps probability high for a 5-wave completion.
Wave 5 completion could confirm the trend direction up and set stage for a higher low pullback.
Break below $170 increases risk that the move was only a 3-wave corrective top.
š” Summary:
Healthy Wave 3 rally complete; now watching Wave 4 pullback.
Next leg higher could target $192ā$196.
$170 is the key support to hold for bullish continuation.
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