SOLUSDT – Potential ABC Correction into Resistance
2024-09-19

In this analysis, we’re tracking an Elliott Wave structure on Solana’s daily chart. 
Here’s what we’re seeing:

Resistance Zone ($150-$160): This zone has been tested multiple times and remains a critical level to break for further bullish continuation. A break above this area could lead to a much stronger move towards $170+ levels.

Elliott Wave Count:
We have just completed a 5-wave impulse down, marking a significant local bottom around $129-$130.

Now, we’re possibly in the midst of an ABC corrective wave:
(A): First push upwards off the $129-$130 zone.
(B): Expected pullback after testing the resistance.
(C): Potential rally back to $150-$160 resistance to complete the ABC structure.
Support Trendline: The ascending yellow trendline connects key lows and is guiding the price upward. This line will act as dynamic support, and any break below it could invalidate the bullish scenario.

Key Levels:
Watch the resistance zone at $150-$160 closely; breaking this with strong volume would confirm a bullish breakout.
Failure to break above could push SOL back to retest support around $130-$135.

Conclusion: SOL is entering a critical phase. The ABC correction points to a potential test of the resistance zone at $150-$160, but traders should be cautious of rejection here. If the bullish scenario plays out, we could see a move toward $170+. However, invalidation below the ascending support trendline could lead to more downside.