Solana: In the Wave 🚀
Since the light green wave 2 low at $133.18, Solana has been progressing within wave 3, which is expected to develop through a green five-wave substructure. The current internal wave [ii] correction appears to still be ongoing, as there are no clear upward impulses signaling the start of wave [iii] yet.
We anticipate further minor declines, but the price is expected to transition into the green wave [iii] above the critical support at $133.18. A break below this key level would activate a 30% probability of an alternative wave count, potentially leading to further downside.
Conversely, Solana has already tested significant levels during wave [ii], so an immediate rally above the $264.32 resistance cannot be ruled out. Traders should watch these key levels closely for confirmation of the next move.
Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research and risk management before making any trading decisions.