Analyst Advises Patience as Solana Price Encounters Resistance Levels
The Solana price recently faced resistance around $180, halting its recovery. A crypto analyst advises investors to remain patient during this period.
Current Market Situation
- The Solana price has encountered historical resistance between $175 and $183.
- Investors are exiting positions following a recent market downturn.
- Smart money is targeting liquidity at these resistance levels, increasing the risk of false breakouts.
- Investors should wait for either a pullback towards a strong support zone or a breakout above $183 with confirmation.
Key Price Levels
- Key zones: $179.85 (recently tested) and $180.52 (not yet tested).
- A break above $180.52 could signal a bullish continuation.
Elliot Wave Count and Further Developments
- Solana has completed a 5-wave sequence indicating the potential end of the current bull rally.
- A price correction may occur before any bullish continuation.
- The Fib Speed Fan pattern suggests possible further price corrections.
Trading Opportunities
- Long entry points may be found at $165.42-$164.25.
- Short position setups are suggested at around $200.
