Solana / U.S. Dollar (SOLUSD) Elliott Wave Analysis – TradingLounge Daily Chart
SOLUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave A
Next Higher Degree Direction: Wave B or 2
Wave Cancelation Level: –
Analysis Details: Solana (SOL/USD) has retraced from its recent high of $295.31 and is currently heading towards a significant support zone at $125.97.
Solana / U.S. Dollar (SOLUSD) Trading Strategy
Solana (SOL/USD) was a top-performing cryptocurrency, reaching a peak of $295.31 before undergoing a sharp correction. Elliott Wave traders are now analyzing whether this is a short-term consolidation or the start of a deeper downtrend.
At present, SOL/USD is testing the $125.97 support level. A continued decline could lead to a further drop towards $117.99, which aligns with the Fibonacci 61.8% retracement level. If SOL/USD fails to hold this level, the price may extend its downward move within Wave B or 2.
Trading Strategies
Long Strategy
Buy on pullback to key support levels
If SOL/USD enters the $125 – $117 range and exhibits strong buying pressure, it could present a short-term buying opportunity.
- Profit Target: $160 – $180 (Wave B)
Risk Management
- If SOL/USD breaks below $117, the downward trend may accelerate, requiring traders to look for deeper support between $80 – $90.
Solana / U.S. Dollar (SOLUSD) Elliott Wave Analysis – TradingLounge H4 Chart
SOLUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave A
Next Higher Degree Direction: Wave B or 2
Wave Cancelation Level: –
Analysis Details: SOL/USD has pulled back from its peak of $295.31 and is moving towards a critical support zone at $125.97.
Solana / U.S. Dollar (SOLUSD) Trading Strategy
Solana (SOL/USD) was one of the most actively traded digital assets, reaching $295.31 before experiencing a correction. Traders are now determining whether this retracement is a temporary consolidation or the beginning of a prolonged bearish trend.
Currently, SOL/USD is approaching $125.97, a major support level. If the price continues its descent, it may test $117.99 (Fibonacci 61.8%). A failure to hold above this level could indicate further downside movement within Wave B or 2.
Trading Strategies
Long Strategy
✅ Buy on pullback to key support levels
If SOL/USD dips into the $125 – $117 range and displays strong buying momentum, it may offer a short-term trading opportunity.
- Profit Target: $160 – $180 (Wave B)
Risk Management
- If SOL/USD breaks below $117, the downward trend may extend, prompting traders to seek support between $80 – $90.
Technical Analyst: Kittiampon Somboonsod, CEWA
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