Solana Price News Today - SOL Elliott Wave Price Technical Analysis, Price Update!

Solana's price is currently experiencing a potential Wave 4 correction within a larger upward trend, with support levels holding between $163 and $220. While a deeper correction is possible, the overall outlook remains bullish as long as the price stays above $163, with the potential for one more high in Wave 5 of Wave 1.

Solana Price Correction

• 00:00:13 Solana's price is potentially in a Wave 4 correction, with support between $163 and $220. A break below $179 could lead to a further decline, potentially out of the current price channel. A deeper correction is technically possible, especially if the price breaks below $163, but the current structure is messy.

Elliott Wave Analysis

• 00:01:23 Elliott Wave theory is used to analyze the price movements, looking for reliable setups, typically in a 1-2 pattern. The current Solana price action is considered a diagonal pattern, making it more challenging to trade compared to impulsive patterns. The analyst prefers clear, impulsive, non-overlapping price action for easier trading.

Fibonacci Retracement & Extensions

• 00:03:19 The analyst uses Fibonacci retracement levels and extensions to identify potential support and resistance areas. A blue Fibonacci extension zone between $186 and $278 is a key area of interest. If the price reaches the 100% Fibonacci extension at $278, it could be a target for a potential C-wave within the correction.

Double Bottom Pattern

• 00:04:28 A double bottom pattern has formed, but it's not considered a significant reversal signal. The wave four is not yet long enough compared to wave two, and double bottoms rarely lead to substantial reversals. A bounce is possible within an extended wave B, but it wouldn't change the overall structure.