Overview
Solana (SOL) has successfully printed the expected corrective Wave ii (green) after completing an A-B-C pullback around the $102.50 – $103.00 zone. The current 1H chart shows early signs of rejection from the top, indicating that the impulse wave down is commencing.
Elliott Wave Structure Breakdown
Sub-Wave (1)-(2) Micro Retest: Price is currently initiating sub-wave 1 down with a expected minor sub-wave 2 retest near $101.50 – $102.00.
Wave iii Target: Once micro sub-wave 2 completes, an aggressive drop (Wave iii) is expected to slice through the support box ($93.50–$94.50) toward the 1.38 – 1.618 Fib extension level at $89.79 – $91.68.
Wave iv & v Projections: A short relief bounce (Wave iv) back to the $93.00–$94.00 flip zone before the final leg (Wave v) pushes down toward $86.00 – $87.00 to complete major Wave (a).
Trade Plan & Levels
Bias: Bearish / Short
Invalidation Level: Above $103.50 (A daily candle close above this level invalidates the wave count).
Take Profit 1: $91.68 (Fib 1.38)
Take Profit 2: $89.79 (Fib 1.618)
Final Target: $86.50
Disclaimer: This analysis is purely for educational purposes and market mapping based on Elliott Wave principles. Always apply strict risk and money management.