Solana (SOL) Elliott Wave Analysis – Potential Roadmap for UpcomMEXC:SOLUSDT
Overview:
This analysis examines Solana’s current Elliott Wave structure. The chart suggests a potential correction (blue zone), followed by a strong upward impulse (Wave 3), and later a larger ABC corrective phase (red letters) before potentially resuming a bullish trend.
1. Short-Term Scenario (Blue Zone)
- Complex Correction: The price has recently undergone a multi-wave correction and is approaching a potential buying zone.
- Fibonacci Levels: Zones around 61.8% and 78.6% may act as support levels where the correction could end.
- Entry Opportunity: If the price tests these levels and shows signs of forming a base, this could be a favorable entry point.
2. Next Upward Impulse (Wave 3)
- Strong Move: Once the correction concludes, an impulsive upward movement (Wave 3) could kick off, typically the most dynamic leg in an Elliott Wave cycle.
- Target Area: The highlighted yellow zone in the chart indicates a key resistance level that the market could aim to hit.
3. Mid-Term ABC Correction (Red Waves)
- After the Impulse: Once the impulsive upward move (Wave 5) completes, a larger ABC corrective phase is expected (denoted by red letters).
- Retracement Levels: Fibonacci retracement levels around 50% or 61.8% may serve as critical support zones during this correction.
4. Long-Term Perspective
- Renewed Bullish Trend: Following the completion of the ABC correction, there is the potential for Solana to resume its bullish trajectory.
- Target Zone: The green area in the upper section of the chart represents a possible long-term resistance or target level where a significant market decision could take place.
Conclusion:
- Short-Term: A correction toward the blue zone is possible, which may offer a good entry opportunity if support holds.
- Mid-Term: A robust upward impulse toward the yellow resistance is anticipated, likely followed by a larger ABC correction.
- Long-Term: Once the correction completes, Solana could resume an upward trend, setting the stage for a new bullish phase.
- Disclaimer: This analysis is for educational purposes only and should not be considered financial or investment advice. Always practice proper risk management when trading.
