Solana - 1H Elliott Wave Analysis
2024-11-22

Greetings, here is my update for the 1H timeframe of Solana!

Our Wave 2 support area of last time got hit 3 times! Congrats to everybody who took a long trade there. We hit to the 0.382 FIB which is a shallow but valid retracement.
Following this we have seen a rally into our communicated target area between the 0.618 FIB at 255.45 USD and the 0.786 FIB at 267.20 USD which we'll keep on the chart for now.

Today, we added some further targets for the rally in green Wave 3 at the 1 to 1 FIB at 260.05, the 1.236 FIB at 267.18 USD. the 1.38 FIB at 271.54 USD and the 1.618 FIB at 278.73 USD.
Noteworthy is that the 1 to 1 FIB at 260.05 USD is in confluence with the ATH which can function as further resistance.
Noteworthy is that the 1.236 FIB at 267.18 USD is also in confluence with the 0.786 FIB of our target area from the last publication where we also mentioned "The 0.786 FIB at 267.20 USD is also in confluence with higher timeframe FIBS at 268.91 USD and at 265.89 USD.".

Be aware that we are in an area where the blue Wave 3 can top which we expect to be followed by a blue Wave 4 retracement and that if we break the ATH we will enter price discovery.
We wont call a top yet as a green Wave 4 and 5 are still possible but we will communicate some lower timeframe prices to pay attention to in our next 15 min Elliott Wave update. I'll post it here as a note. :)

Thanks for reading.

NO FINANCIAL ADVICE.