Major Key Points to Consider
- Primary Scenario (Bearish) : Consider & hold short positions from corrections below the level of 238 with a target of 135– 120. A sell signal: the price holds below 135. Stop Loss: above 135, Take Profit: 135-120.
- Alternative Scenario (Bullish): Breakout and consolidation above the level of 144 will allow the pair to continue rising to the levels of 151– 157. A buy signal: the level of 144 is broken to the upside. Stop Loss: below 140, Take Profit: 151– 157.
Technical Indicators
Trend: Short-term consolidation within a long-term uptrend
Support Levels: 126- 130
Resistance Levels: 140- 144.
Momentum: Neutral to Bearish on daily timeframe
Elliott Wave Analysis
On A Weekly Chart : A Rising Larger Wave 5 of Degree 5 is developing on the weekly chart of SOL/USD. Within this Larger Wave of Degree 5, the smaller wave of degree 5 is developing as wave 4 from Jan’2025. Within the Wave 4, the wave (A) and Wave (B) has been completed and now the price is moving in Wave (C) of Wave 4.
On A Daily Chart : Within the Wave (C) of large degree Wave 4, the development is in form of downward impulse. The Wave (1) and (2) has been Completed and wave (3) seems to be completed but traders should wait and watch the development of phase before confirmation.
On A 4-Hours Chart : The Wave wave (3) of smaller degree downward impulse seems to be completed. Traders should wait for confirmation. If it so, then price will move in upward direction for wave (4).
If this Presumption is correct then SOL/USD may continue to Decline to the Price levels of 135 – 120.
SOL/USD : Current Rate in the Market
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of Webmile | Markets [A propriety of SingleDot Technologies]. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice. According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
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