Solana Price Update: Analyzing the Potential for a Wave 4 Correction and the Path Ahead
In this post, we will focus on the price trends of SOL, Solana and the market correction it is undergoing. We noted in yesterday’s video that there is a possibility Solana might be undergoing some larger wave four correction and then in the following weeks it could see a big price movement. Let's begin with the technicals, important support levels and price targets which are worth to keep an eye on.
Solana’s Wave 4 Correction: What’s Happening?
Solana is currently experiencing what might be the fourth wave of its multi cycle C corrective phase. As seen recently, a pullback occurred with wave A being the bottom as the current market seems to coincide with B wave ‘upward’. Preferably, the fourth wave should act out with a shallow or shorter range in which case it may finish this week. The case where it took them two waves about three weeks long remains so far in the second wave’s majority. With December 2nd being mentioned, the fourth wave bottom range can be placed around the date but does need further momentum to verify its place. Those looking to enter right now should be very careful as price action is still expected to be erratic.
Price Target for Solana: Potential for $360 to $380
While the market trend is still very positive, it is anticipated that Solana will move toward the range of $360 to $380 in the few coming weeks. As future landmarks, this zone proves to be important in that it could offer potential resistance. When this target is attained, it could potentially pose as a point of resistance which could be the concluding phase of the prevailing bullish trend. At the moment, the emphasis is on getting higher as Solana undergoes its correction process.
Key Support Levels: Watch for Reactions
Currently, the price of Solana has penetrated the support levels on the market. The coin has moved up in five waves since its last swing low. There was a slight pullback which tested the $209-$221 support region. This support zone saw a minor reaction at the $221 level at 38.2% retrace, which is not enough to reaffirm a low. Other support areas are $214.56, $218.04, and $220. If the price interacts with these levels and moves upwards, an upward trend is to be expected. However, drawings in the downward trend are still possible and the range can go down a divider.
Critical Levels: When to Change the View
We’ve got some critical levels which one should be looking at in any analysis when structuring the Solana charts. For Solana, a break beneath $163 would invalidate the current bullish outlook. A violation of this level should it go down suggest that the pullback is too deep to be from a wave four of such magnitude.
But for the time being, the analysis is still concentrated on the analysis of higher prices as the assumptions are that Solana is moving into the last phase of the corrective structure and would soon start moving in an upward direction again.
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