Solana (SOL) Market Analysis – May 2025
Solana continues to hold above key micro support and appears to be completing a 5-wave structure from its April 7th low. The chart suggests we are currently in the final leg (Wave 5) of this rally, with potential upside targets between $180 and $191, provided current support holds.
Current Price Action:
Wave structure: Diagonal pattern, likely in Wave 5.
Support holding: Key micro support lies at $159.67 (50% retracement). A break below this would signal that a deeper Wave 2 correction has likely begun.
If bullish continuation holds:
Upside targets: $180 – $191
If correction begins:
Wave 2 support zone:
First level: $138.72 (38.2% Fib)
Second level: $108.50 (78.6% Fib)
Strategy:
Entry (Long): On strong bounce above $159.67
Target: $180 to $191
Stop Loss: Close below $159.67
Caution: Wait for confirmation before re-entering if the support breaks. A corrective ABC pattern may follow with possible re-entry between $138–$108.
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