What is happening to Solana (SOL) according to the Elliott analytical model When examining the trading movement of Solana (SOL), technical analysis of Solana (SOL) using Elliott Wave Theory shows that the short-term downtrend may continue before a new bottom is formed.
Current Situation
The recent bounce from this week's low appears to be a structure of only three waves. This suggests that the bounce was corrective and not the beginning of a strong uptrend. As long as the price of Solana remains below the critical resistance level at $187.92, downward pressure may continue.
Potential Scenario
According to Elliott Waves, it is likely that we will see an additional bottom within the corrective wave C of (Y). This bottom could represent a potential buying opportunity for interested investors.
Potential Buying Interest Area
The area to watch for potential buying ranges between $173.35 and $164.20. This area could be a potential reversal point before a new upward wave begins.
Always remember that risk management is crucial. Be sure to do your own research before making any investment decisions
