Major Key Points to Consider
- Primary Scenario (Bearish) : Consider & hold short positions from corrections below the level of 171 with a target of 120– 98. A sell signal: the price holds below 148. Stop Loss: above 148, Take Profit: 120-98.
- Alternative Scenario (Bullish): Breakout and consolidation above the level of 157 will allow the pair to continue rising to the levels of 171– 190. A buy signal: the level of 157 is broken to the upside. Stop Loss: below 157, Take Profit: 171 – 190.
Technical Indicators
Trend: Short-term consolidation within a long-term uptrend
Support Levels: 127- 120
Resistance Levels: 170- 188.
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 :Â Within the Wave (C) of large degree Wave ((4)), the development is in form of downward impulse. The Wave (1) ,(2) and (3) has been Completed and wave (4) Seems to be completed.
On A 4-Hours Chart : The larger wave (4) has been completed and Now the price is in the initial phase of wave (5) of larger wave (C) of ((4)).Â
If this Presumption is correct then SOL/USD may continue to Decline to the Price levels of 120 – 98.
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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