7 hour ago
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Solana Prepares for Major Move Amid Tightening Technical Structure
The Solana (SOL) chart is approaching two critical decision points, which could significantly influence its next major trend. According to the Elliott Waves Academy, SOL has completed its upward wave (1)/(A) and may enter a deeper corrective phase.
- Correction expected in the $49.26–$32.03 range, aligning with 50%-61.8% Fibonacci levels.
- If SOL reaches this zone and bounces strongly, it could validate a broader bullish outlook.
- A breakout above the recently broken key level would confirm renewed upside momentum.
- Violation of the $8.00 level would negate the bullish perspective.
CryptoPulse highlights a tightening structure for Solana, suggesting an upcoming decisive move. The $133 support level is crucial, supported by ongoing development and on-chain activity.
- $133 level has historically been a reliable reaction point for buyers.
- Observation of buyer reactions at this level is advised, looking for signs like bullish engulfing candles or volume spikes.
- Patience is emphasized, with recommendations to wait for confirmation rather than prediction to form positions.
