Solana ($SOL) is currently one of the most discussed projects in the cryptocurrency market. According to Elliott Wave Theory, it is at a critical stage where the possibility of future price changes can be analyzed between support and resistance levels.
Current market situation
Current price: $183.57
24-hour high: $193.75
Lowest price in 24 hours: $182.90
Key Support Level: $133.18
Key Resistance Level: $264.32
The current price is above the support level ($133.18), which is a positive sign. However, a major upward trend is not certain until the resistance level ($264.32) is broken.
Bullish (upward) potential
According to wave analysis, if Solana can hold the $133.18 support and new buying pressure is created in the market, it could break the $264.32 resistance level and start an upward wave [iii].
Potential target price: $264.32 and above.
Chances: 70%.
Buy Signal: If Solana shows strength near $200, it will be a bullish signal.
Bearish (downward) probability
If Solana breaks the $133.18 support level and moves below, wave alt. c may be triggered. This carries the risk of further price declines.
Potential target price: $100 or below.
Chance: 30%.
Sell signal: Be cautious if the support breaks at $133.18.
Market Volatility and Risk Management
The cryptocurrency market is known for high volatility, which could also have an impact on Solana's current status.
Risk Management Tips:
1. Set the right stop-loss before investing (below $130).
2. Only invest amounts you can afford to lose.
3. Regularly monitor ongoing market news and analysis.
Summary
The current market situation for Solana ($SOL) presents two different possibilities for investors. If the $133.18 support level is held, it could create a strong upward trend. On the other hand, if this level is broken, a downward trend could occur.
Monitor every market change and important level before investing. This could be a potential investment opportunity, but give utmost importance to risk management.
Note: This article is written for educational purposes only. It is not investment advice. Please do your own research and seek professional advice if necessary before investing.