$SOL current price remains below the descending trend line, indicating no breakout to the upside yet. According to Elliott Wave analysis, a potential upside reversal would require a five-wave move up, followed by a corrective pullback, and a break above the first wave's high. The key bullish support level is $119.67, with other Fibonacci support levels at $140.64, $134.20, and $127.98. A clear impulse above $152, along with a sustained break above the trend line, would confirm a reversal, targeting the next resistance at $164. Traders should carefully manage risk, considering individual exposure and the broader market trend, particularly Bitcoin’s position near its trend line.
🔥 Trade Setup:
• Buy Point (BP): $152 (on break above the descending trend line)
• Stop Loss (SL): $119.67
• Take Profit (TP): $164 (initial), with potential to extend higher if momentum builds