In a YouTube video analysis, More Crypto Online reveals Solana’s (SOL) price action, focusing on Elliott Wave Theory. The analyst suggests a possible Elliott Wave triangle formation for SOL. His technical breakdown examines critical support and resistance levels, complex corrections, and potential future scenarios for the cryptocurrency.
What you'll learn 👉
Solana Price Prediction and Analysis
More Crypto Online has removed the micro count from their analysis due to Solana’s choppy price action. Instead, they concentrate on the possibility of an Elliott Wave triangle pattern. This structure consists of corrective price movements, including A, B, C, D, and E waves.
The analyst explains, “We could be working on some kind of an Elliott Wave triangle.” They identify the A wave as the first leg down, followed by the B wave’s upward correction. Currently, the C wave appears to be developing, with expectations for D and E waves to complete the triangle structure.
Support and resistance levels play a crucial role in validating the triangle scenario. More Crypto Online emphasizes, “Important is to keep this triangle count alive that the price does not break below $19.” This $19 level serves as a critical support. Conversely, a break above the B wave high at $168.37 would suggest a different pattern might be unfolding.
Complex Corrections and Micro Patterns
The analysis highlights the presence of complex corrections within the triangle structure. WXY patterns are observed, indicating a series of intricate price movements. “It just seems to be a complex correction, so I’m also looking at potentially a WXY pattern,” the analyst notes.
Moreover, the A wave within the triangle appears to follow an ABC structure. The B wave’s upward movement resembles a WXY pattern, while the C wave is currently in progress.
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Time vs. Price Correction and Future Scenarios
More Crypto Online suggests that the triangle formation might correct over time rather than through significant price changes. This could lead to a period of relatively stable price action before a resolution. “A triangle will rather correct over time rather than price,” the analyst explains.
Alternative scenarios are also considered. The B wave might still be developing, with a break below $145 potentially confirming the C wave to the downside. Additionally, if a five-wave move emerges, it would invalidate the triangle scenario, suggesting a different corrective structure.
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