The Solana ($SOL) Era Has Come to an End

Solana ($SOL) was the top-performing altcoin of 2023-2024, achieving an impressive 30x gain from its bottom. However, this rally occurred alongside a strengthening US dollar, which is unusual for a traditional bull run.

Technical Analysis Reveals Bearish Outlook

The current technical structure for Solana appears weak, with the following key points:

Solana has completed a 5-wave Elliott Wave cycle and is now forming an ABC correction.

Wave A is ongoing, consisting of 5 smaller waves.

According to the Awesome Oscillator (AO) and Fibonacci levels, Wave 5 is nearing completion, targeting $110.

A potential short-term bounce may occur at $110, confirmed by a green dot on the Bullish/Bearish Reversal Bar Indicator.

After a rebound to $200 (Wave B), the bear market is expected to resume, potentially pushing SOL below $100.

Stay informed with our expert analysis and insights!

$SOL SOL 138.07 -1.08%