Solana Elliott Wave technical overview [Video]

SOLUSD Elliott Wave technical overview

• Function: Counter-trend.

• Mode: Corrective.

• Structure: Flat.

• Position: Wave C.

• Next higher degree direction: Pending.

• Wave cancel invalid level: Not Specified.

Solana (SOLUSD) trading strategy:

After reaching a high point that ended the Wave V uptrend, Solana's price entered a notable corrective structure. The current move is identified as Wave B—a mid-term rebound phase—preceding a potential decline in Wave C.

Trading strategies

• Primary strategy

  • For short-term (Swing) traders:

    • If SOLUSD climbs into the $162–$182 range and then shows signs of reversing, traders may consider initiating a short position targeting Wave C's development.

• Risk management

  • The invalidation point for this wave count lies above the Wave V peak, around $320. Exceeding this level would negate the current corrective outlook.

SOLUSD Elliott Wave technical overview

• Function: Counter-trend.

• Mode: Corrective.

• Structure: Flat.

• Position: Wave C.

• Next higher degree direction: Pending.

• Wave cancel invalid level: Not Specified.

Solana (SOLUSD) trading strategy:

Solana peaked at the end of the Wave V uptrend. Since then, the market has entered a corrective structure. Currently, price action is forming Wave B—a rebound stage—before a likely continuation downward into Wave C.

Trading strategies

• Primary strategy

  • For short-term (Swing) traders:

    • A rise into the $162–$182 range followed by a reversal could offer a shorting opportunity aimed at capturing Wave C.

• Risk management

  • A break above $320, the resistance level from Wave V, invalidates this wave count scenario.

TradingLounge analyst: Kittiampon Somboonsod, CEWA.

SOLUSD Elliott Wave technical overview [Video]