Solana shows a bullish Elliott Wave pattern with targets of $332 and a higher $351 extension level
The chart highlights key support at $149 with resistance at $187.99 and $208.31 for bullish confirmation
Price momentum aligns with Fibonacci projections, suggesting $249.10 as a step toward the $332 breakout goal
Solana (SOL) is showing a bullish technical setup with projected targets reaching $332, according to the latest four-hour chart analysis. The token is trading near $184.08, posting a 2.07% daily gain. Market observers note the structure aligns with a five-wave Elliott Wave pattern, hinting at significant upside potential.
https://twitter.com/Michael_EWpro/status/1954371202492842153 Bullish Wave Structure in Progress
The chart illustrates SOL’s progression from its recent low near $139.17, establishing a strong base before initiating a rally. The first impulse wave extended to $208.31, representing the 0.618 Fibonacci retracement from a prior move. After a corrective phase forming wave two, the price action suggests an advancing wave three is underway.
Wave three projections align with Fibonacci extension levels, with an immediate target near $249.10 and a broader objective around $332.67. The analysis also highlights a potential long-term extension to $351.88 if momentum sustains. These targets are based on Fibonacci multipliers applied to the rally’s foundation.
The volume profile on the right side of the chart reveals high trading activity around $149 and $184 levels, marking them as key zones of interest. A clean break above $208.31 could validate the wave three continuation and strengthen the bullish outlook.
Technical Indicators and Market Context
Multiple oscillators in the chart’s lower section display synchronized upward momentum, supporting the bullish bias. The stochastic indicators show strong alignment, while the relative strength index (RSI) remains below overbought territory, leaving room for further gains.
The analyst’s projection follows a similar pattern seen with Binance Coin (BNB) in the previous month. In that case, a comparable setup preceded a significant breakout, adding weight to the bullish scenario for SOL.
Price structure suggests a sequence of wave three completion near $332, followed by a corrective wave four, and then a final push to wave five. The precise levels for these movements depend on market strength and breakout confirmations at key resistance points.
Key Support and Resistance Levels
Immediate support lies around $149.00, which coincides with a major liquidity zone observed in the volume profile. Sustaining above this level maintains the bullish bias.
Overhead resistance is first seen at $187.99, followed by $208.31. These levels must be breached to confirm the projected wave structure. A break above $249.10 would signal acceleration toward the $332.67 target.
If the pattern plays out as outlined, the potential long-term extension could take SOL close to $351.88. Such a move would align with the higher-end Fibonacci projection marked in the chart.
With the current market sentiment leaning positive, traders are closely monitoring SOL’s ability to hold support and advance past near-term resistance. The bullish wave count offers a roadmap for potential price milestones in the coming weeks, but will market momentum sustain enough to reach these ambitious targets?
