Elliott Wave Analysis – TradingLounge Daily Chart.
Solana/US Dollar (SOLUSD).
SOLUSD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Zigzag.
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Position: Wave A.
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Direction next higher degrees: Wave B or 2.
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Wave cancel invalid level: –
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Details: SOL/USD has pulled back from its peak of $295.31 and is currently moving towards the major support zone at $125.97.
Solana/US Dollar (SOLUSD) trading strategy.
Solana (SOL/USD) was one of the top-performing digital assets, reaching a high of $295.31. However, the price has undergone a significant correction, leading Elliott Wave traders to assess whether this is a temporary consolidation or the start of a long-term downtrend.
Currently, SOL/USD is approaching the critical support level at $125.97. The price may continue declining towards the next major support at $117.99 (Fibonacci 61.8%). If SOL/USD fails to sustain above this level, it could move further downward within Wave B or 2.
Trading Strategies.
Strategy.
Long Strategy.
Buy on pullback to key support levels.
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If SOL/USD enters the $125 – $117 range and buying pressure emerges, this could be a potential buying opportunity for a short-term trade.
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Profit target: $160 – $180 (Wave B).
Risk Management.
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If SOL/USD breaks below $117, the downtrend may strengthen, requiring traders to look for deeper support between $80 – $90.
Elliott Wave Analysis – TradingLounge H4 Chart.
Solana/US Dollar (SOLUSD).
SOLUSD Elliott Wave technical analysis
-
Function: Counter Trend.
-
Mode: Corrective.
-
Structure: Zigzag.
-
Position: Wave A.
-
Direction next higher degrees: Wave B or 2.
-
Wave cancel invalid level: –
-
Details: SOL/USD has pulled back from its peak of $295.31 and is currently moving towards the major support zone at $125.97.
Solana/US Dollar (SOLUSD) trading strategy.
Solana (SOL/USD) was among the most sought-after digital assets, reaching a high of $295.31. However, following the recent correction, traders are questioning whether this is temporary consolidation or a longer-term decline.
Currently, SOL/USD is testing the $125.97 major support level. The price may continue to drop towards $117.99 (Fibonacci 61.8%). If the price fails to hold above this level, Wave B or 2 could push it further down.
Trading Strategies.
Strategy.
Long Strategy.
Buy on pullback to key support levels.
-
If SOL/USD enters the $125 – $117 range and shows signs of buying strength, it could be a short-term buying opportunity.
-
Profit target: $160 – $180 (Wave B).
Risk Management.
-
If SOL/USD breaks below $117, the downtrend may extend, requiring traders to watch for support between $80 – $90.
TradingLounge Analyst: Kittiampon Somboonsod, CEWA
SOLUSD Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
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