$SOL is currently riding through a crucial phase in its price action, and things are heating up! Since the low at $133.18 (the light green wave 2), Solana has been progressing through wave 3. This wave is expected to unfold in a five-wave substructure, setting the stage for some exciting upward movement.
Hereโs the current outlook:
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Wave Analysis: What's Happening with Solana?
๐ฎ Internal Correction (Wave [ii]): Solana is currently going through a corrective phase in wave [ii]. Despite some fluctuations, no significant upward impulses have emerged yet. This means we could see some short-term declines before the price continues its upward journey.
๐ Key Support Level: Watch for price action near $133.18, as this level remains a critical support. If Solana holds above this zone, the subsequent green wave [iii] could push prices higher, fueling the next bullish wave.
๐จ Alternative Wave Count: If the price breaks below $133.18, we could see an alternative wave count play out, with a potential 30% drop. However, this scenario remains less likely unless the support is lost.
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Whatโs Next for $SOL?
While wave [ii] continues to correct, it's important to keep an eye on the upcoming moves. Weโre expecting a rally above the resistance at $264.32, especially since Solana has already tested significant levels during wave [ii].
๐ Immediate Rally Potential: Thereโs always a chance that Solana could rally right above resistance levels if the market sees a surge in buying momentum, creating an even stronger bullish outlook for wave [iii].
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Key Takeaways for Traders
Current Support: $133.18 (Critical Level to Watch)
Target Resistance: $264.32
Wave [ii] Correction: Possible further decline before wave [iii] resumes.
Alternative Scenario: A 30% decline if support is broken, but unlikely in the current context.
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The Bottom Line: Solana's market structure is gearing up for a big move, and whether you're holding $SOL or looking to enter the market, now is the time to keep a close watch on how price interacts with key levels. Will the next wave carry Solana to new heights? Or will the market face a temporary setback$? Only time will tell!
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