Solana Price Prediction: This Key $119-$190 Range Could Determine SOL’s Next Big Move – Here’s Why
Solana (SOL) finds itself in a complex sideways pattern, bouncing between $119 and $190. A technical analysis video from More Crypto Online dissects this range using Elliott Wave theory. The analysis suggests SOL is forming an ABCDE corrective structure, with critical support at $119 and resistance at $190.
What you'll learn 👉
Solana (SOL) Price Analysis
The video’s speaker identifies Solana’s current position within an Elliott Wave triangle. This fourth wave structure consists of five sub-waves labeled A through E. According to the analysis, waves A, B, and C have completed, with the market now in wave D.
“As long as we’re in the range between $119 and $190, you could consider all of this noise,” the analyst notes. However, this range holds key importance for traders. A break below $119 would invalidate the Elliott Wave triangle scenario, potentially signaling a different corrective structure.
Moreover, he expects the D-wave to form a lower high below the $190 resistance level. This wave typically displays its own corrective structure, often an A-B-C pattern. The analyst highlights key levels to watch within this wave.
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Solana (SOL) Price Forecast
“The support zone for this B-Wave pullback is between $128 and $139,” the speaker explains. Following this pullback, the speaker anticipates a C-wave rally. The target range for this move lies between $163 and $176.
On shorter timeframes, the analysis identifies immediate resistance at the 78.6% retracement level. Short-term support sits between $139.53 and $142.89. The analyst advises to look for a clear five-wave move to confirm the next pattern.
The speaker presents two potential scenarios. The “white count” suggests a direct upside continuation if a five-wave move is confirmed. Conversely, the “yellow count” indicates further downside if current support levels break.
Corrective structures in Elliott Wave theory are known for their complexity. “In corrective structures, we have to be prepared for changing and morphing wave counts,” the analyst cautions. This flexibility is crucial for traders navigating Solana’s current market conditions.
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Show more +Adapting to Changing Wave Counts in SOL’s Market
The analysis emphasizes the importance of key levels. “As long as it’s holding $128.14, we could allow for higher prices still in wave C of D,” the speaker notes. However, a break below $139.53 would strongly suggest the onset of the yellow count’s C-wave down.
While the Elliott Wave analysis provides a framework for understanding Solana’s price action, the speaker maintains a cautious outlook. “I’m watching for higher in wave D… The only question is how deep the pullback is going to be,” they conclude.
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